EURNZD is testing 1st resistance, potential for further drop!

EURNZD is facing bearish pressure from our first resistance, in line with our 38.2% Fibonacci retracement and horizontal pullback resistance. Price could potentially reverse at this level towards our first support, which is in line with our 78.6% Fibonacci extension and horizontal swing low support. It is worth noting that price is trending below a descending trend line, and the Ichimoku cloud is also showing bearish pressure.

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