EUR/NZD Bearish

EUR/NZD Daily timeframe. We have recently seen price within this pair show a break of the 1.57000 support area along with our ascending trendline. Price on the weekly timeframe has closed as a bearish candle, with a recent bearish engulfing rejection from the weekly 200EMA.

On Friday we saw price print a spinning top at the daily 200EMA which shows indecision, from this indecision we are looking for price to show a retest of the broken 1.57000 support turned resistance or the ascending trendline. A retest with bearish price action would warrant us to set a short market entry order with the overall short target being the next key support at 1.51400.

We have seen a recent daily lower low when price broke the 1.57000 support, a retest would act as a new lower high with the potential of price then running bearish for a new lower low. We may see price fluctuate with other lower highs and lower lows as price runs to our overall bear target at 1.51400. We are now watching the daily candle closes within this pair for a short market entry order, if the bearish price action arises at the retest.

Chart: EUR/NZD D1