EUR/NZD: the short-term downtrend
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Trade idea
SELL 1.7205; TP 1.7150; SL 1.7225
EUR/NZD declined last week. Actually, the pair has been descending since the middle of October when it recoiled down from the resistance line connecting 2015 and 2018 highs in the 1.7660 area. Currently, the pair’s trading around the 100-day MA in the 1.7240 zone. The price has been consolidating around it during the past week, the consolidation has got the shape of a triangle. On the H4, the moving averages are in the negative order providing substantial resistance around 1.7335 and 1.7385. The decline below the Wednesday’s low at 1.7210 will let the short-term downtrend continue at least until 1.7145 (Nov. 13 low). The next level to watch on the downside will be at 1.7030 (200-day MA).
