Looking at Euro versus New Zealand dollar which is flagging up as extremely overbought on daily stochastics and after moving another 50 pips higher overnight. On our trading view chart we have drilled down to 4 hourly candles to highlight the pair is hitting resistance levels dating back to January which had already been tested at the start of May.
is also showing signs of trend exhaustion with falling volumes over the last few days. Coupled with the technicals highlighted we are looking for this pair to head lower over the next couple of trading sessions towards low 1.70 area.
We have a long on EURUSD where it is trading at fibonacci support levels and hence to balance out our positions we wanted to find a short EUR and this pair provides the perfect mix of technicals for a great short trade.
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from the Team at forexTrdr
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