EurNzd- On a verge of an important break

The past month and a half proved favorable for EUR/NZD bears as the pair not only broke below the double-top structure but also breached the ascending trend line that had kept prices elevated for over a year.

Currently, the pair is preparing for another significant downside break at the 1.75 psychological figure, which also represents a crucial horizontal level. Examining the anemic rebound observed on Monday and yesterday, it is my opinion that this level is likely to be breached as well, potentially leading to a substantial drop in the pair's value.

The most obvious target in this scenario is the next significant level at 1.7, keeping in mind the interim support at 1.72.