FxWirePro: EUR/NZD Trade idea

• Major horizontal resistance – 1.5845-1.5850.
   
• EURNZD hits the high of 1.58406 at the time of writing and shown a huge decline from the high. It has declined till 1.57635 and is currently trading around 1.57761.
   
• The pair has formed bearish divergence in the daily chart, a minor decline till 1.5500/1.5330 is likely.
   
• EURNZD successful trading above 1.5850 will take the pair to next level till 1.5930/1.600 (round figure).
   
• On the lower side, near term support is around 1.5700 and any break below will drag the pair till 1.5660 (23.6% retracement of 1.5095 and 1.58405)/1.5600/1.5550.
  
  It is good to sell on rallies around 1.5800 with SL around 1.5850 for the TP of 1.5700/1.5650.

Resistance
                   

R1-1.5850
                                                            

R2 -1.5930
 

R3- 1.600
 

Support   
 

S1-1.5700
 

S2-1.5660
 

S3-1.5500