EURNZD approaching 1st resistance, potential for a reversal!
March 10, 2021 9:22 am
Price is approaching our 1st resistance, which is in line with our 61.8% Fibonacci retracement, 78.6% Fibonacci extension and horizontal swing high resistance. We could potentially see a reversal at this level, and a further drop towards the 1st support, which is in line with our 78.6% Fibonacci extension and horizontal swing low support. It is worth noting that price continues to hold below the descending trendline resistance and Ichimoku cloud, showing bearish pressure in line with our analysis.
Trading Recommendation
Entry: 1.66304
Reason for Entry:
61.8% Fibonacci retracement, 78.6% Fibonacci extension and horizontal swing high resistance
Take Profit: 1.65668
Reason for Take Profit:
78.6% Fibonacci extension and horizontal swing low support
Stop Loss: 1.66736
Reason for Stop Loss:
127.2% Fibonacci extension and horizontal swing high resistance
The material has been provided by InstaForex Company – www.instaforex.com
Price is approaching our 1st resistance, which is in line with our 61.8% Fibonacci retracement, 78.6% Fibonacci extension and horizontal swing high resistance. We could potentially see a reversal at this level, and a further drop towards the 1st support, which is in line with our 78.6% Fibonacci extension and horizontal swing low support. It is worth noting that price continues to hold below the descending trendline resistance and Ichimoku cloud, showing bearish pressure in line with our analysis.
Trading Recommendation
Entry: 1.66304
Reason for Entry:
61.8% Fibonacci retracement, 78.6% Fibonacci extension and horizontal swing high resistance
Take Profit: 1.65668
Reason for Take Profit:
78.6% Fibonacci extension and horizontal swing low support
Stop Loss: 1.66736
Reason for Stop Loss:
127.2% Fibonacci extension and horizontal swing high resistance
The material has been provided by InstaForex Company – www.instaforex.com
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