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15.01.202112:01 Forex Analysis & Reviews: EURNZD is approaching resistance, potential reversal

Exchange Rates 15.01.2021 analysis

Price is approaching our resistance, in line with our descending trend line, horizontal swing high resistance, 61.8% fibonacci retracement and 161.8% Fibonacci extension where we could see a reversal below this level to our first support target. Ichimoku cloud is showing signs of bearish pressure as well, in line with our bearish bias.

Trading Recommendation

Entry: 1.68740

Reason for Entry:

descending trend line, horizontal swing high resistance, 61.8% fibonacci retracement and 161.8% Fibonacci extension

Take Profit: 1.68128

Reason for Take Profit:

horizontal swing low support

Stop Loss: 1.69094

Reason for Stop Loss:

horizontal overlap resistance, 61.8% fibonacci retracement

*Analiza tržišta koja se ovde nalazi namenjena je boljem razumevanju tržišta i ne pruža instrukcije za vršenje trgovanja.

Dean Leo,
Analitickog eksperta
InstaForex grupa kompanija © 2007-2021
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