EUR/NZD approaching resistance, potential drop!

EUR/NZD is approaching our first resistance at 1.6606 (horizontal pullback resistance, 38.2% Fibonacci retracement, 61.8% Fibonacci extension) where a strong drop might occur below this level pushing price down to our major support at 1.6561 (61.8% Fibonacci retracement).

Ichimoku cloud is also showing signs of bearish pressure.

Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.


The material has been provided by InstaForex Company -