EUR/NZD Trade Idea

• Break out level- 1.6375 (trend line joining 1.6213 and 1.6320)
  
  
• The pair has broken a major support 1.6375 and declined till 1.63469. It is currently trading at 1.63580.
  
  
• Any break below trend line support confirms short term weakness, a decline till 1.6300/1.6240 is possible
  
  
• On the higher side the resistance is around 1.6400 and break above  will take the pair to new level around 1.6450/1.6500.
  
  
• The minor resistance is around 1.6380.
  
  
• Overall trend reversal only above 1.6550

It is good to sell on rallies around 1.6380 with SL around 1.6406 for the TP of 1.6300/1.6245

R1-1.6380

 R2-1.6405

R3-1.6450

Support

S1- 1.6350

S2-1.6300

S3-1.6240