EUR/NZD produced a bearish inside bar yesterday. The price had a rejection at a double top resistance and created that candle. Thus, intraday sellers may wait for the price to make a bearish breakout at yesterday’s lowest low to go short in the pair. However, there is a level nearby, which may work as a level of support on the daily chart. Thus, sellers on the daily chart may have to wait longer to find the pairs’ next direction. Let us now have a look at three major charts.
Chart 1 EUR/NZD Daily Chart
The chart shows that the price had a rejection at the level of 1.75900. Upon producing a bearish inside bar, the price may get bearish. The last swing low is at the level of 1.73400. If the price makes a breakout at that level, it may find its support around 1.72100. Since the next potential level of support does not offer the price to make a good bearish move, the daily sellers may have to wait for the price to make a breakout at the level of 1.72100 to get good risk-reward.
Chart 2 EUR/NZD H4 Chart
The H4 chart shows that the price made a bearish move and had a bounce at the level of 1.74400. The price has been in consolidation around that level. The sellers may wait for a breakout at that level and go short in the pair. The chart shows that the price may find its next support around 1.73250. If the price breaches the level, the price may head towards the level of 1.72100 next. In case of a bullish breakout at consolidation resistance, the price may head towards the level of 1.75750 to find its next resistance.
Chart 3 EUR/NZD H1 Chart
The chart shows that the price has been in consolidation within the level of 1.74300 to 1.74750. At its last bounce, it produced a spinning top followed by a candle with a long bullish body. The pair is trading around the level of 1.74450. A bullish breakout at that level may push the price towards the North. The price may find its next resistance around the level of 1.75000. In case of a bearish breakout at the level of 1.74300, the price may find its next support around the 1.73750 level.
The daily chart suggests that it needs time to find its next route. However, the H4 and the H1 chart are bearish biased. These two intraday charts may make the pair produce another bearish day. However, the daily sellers may not get engaged in selling the pair unless the pair makes a breakout at the next potential level of support in the daily chart.