Looking at the weekly timeframe chart, what is very important to us now is that it is below the MA200 (purple line) moving average, which has been supported since August 2017. Under MA200 for the first time. Further integration with a slight upward shift. Currently, the psychological level of the EUR / NZD pair is 1.70000, and at this time we can pay attention to the pair’s behavior at this level and determine the continuation of the trend.
When you set the Fibonacci retracement level, you can see that the EUR / NZD pair first dropped from 38.2%, then dropped from 50.0% and continued to decline to even lower levels. In such a scenario, the goal is 1.65000, a Fibonacci level of 61.8%.
In the daily time frame, the EUR / NZD pair finds support at 1.68000 and as a test of that level we can see that the pullback to 1.70000 is small. If the EUR / NZD pair exceeds 1.70000, MA20 (light blue line) support will be obtained, which may rise to 1.70700 first and then 1.72000. Otherwise, breaks below 1.68000 pave the way for 1.66000 and open even lower psychological levels to 1.65000. This trend is still very bearish, with the potential for pullbacks and minor integrations.
You can see that the EUR / NZD pair is testing the MA100 (blue line) moving average in the 4-hour time frame. Currently, there is a possibility of a pullback with a small moving average to 1,70700. MA200 is waiting for us. In the above, the trend line is waiting for us as a potential resistance to higher levels. If you see a break beyond the trend line after that trend line, you can expect a continuation of the previous high of up to 1.73000 resistance zones.
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EUR / NZD forecast for January 22, 2021
https://www.financebrokerage.com/eur-nzd-forecast-for-january-22-2021/ EUR / NZD forecast for January 22, 2021