EURNZD remains a sell option below the 1D MA50

The EURNZD pair continues trade on a bearish trend following our latest analysis last month. The price remains below both the 1D MA50 (blue trend-line) and the 1D MA200 (orange trend-line) and within the long-term pattern of the Channel Down since the August 20 2020 High, it is aiming for at least the 1.5600 Support.

The Buy Zone of the Channel Down is located right below the Support. A buy there offers an excellent Risk/ Reward ratio targeting the 0.5 Fibonacci retracement level (1.6491) but a break below the Channel Down, should see us taking the loss and shifting back to selling as based on the 2020 fractal, the price can go as low as the 1.618 Fib extension (1.4500).



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