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26.03.202113:01 Forex Analysis & Reviews: EURNZD facing bearish pressure, potential for further drop!

Exchange Rates 26.03.2021 analysis

Price is facing bearish pressure as it continues to hold below the descending trendline and moving average resistances. We could potentially see a reversal at 1st resistance, in line with our 50% Fibonacci retracement, 78.6% Fibonacci extension and horizontal pullback resistance, and a further drop towards our 1st support, in line with our -27.2% Fibonacci retracement and horizontal swing low support.

Trading Recommendation

Entry: 0.71371

Reason for Entry:

61.8% Fibonacci retracement, 100% Fibonacci extension and horizontal swing high resistance

Take Profit: 0.70890

Reason for Take Profit:

61.8% Fibonacci extension and horizontal swing low support

Stop Loss: 0.71722

Reason for Stop Loss:

161.8% Fibonacci extension and horizontal swing high resistance

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Dean Leo,
Analytical expert of InstaForex
© 2007-2021
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