The EUR/NZD is in a downtrend. And, this pair has just broken below the most recent level of structure support.
This level of support that was just broken now has a high likelihood of becoming resistance if price pulls back to this area. For that reason, I will be looking in this red zone for possible short trades throughout the week.
Need help finding a regulated and trusted broker? 🏦 ✅
Why not give XM a try?
XM is an award-winning forex broker with over 3,500,000 clients.
Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Past performance is not indicative of future results. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.