EURNZD is facing bearish pressure, potential for further drop

Price is facing bearish pressure from our first resistance, in line with our 161.8% Fibonacci extension and horizontal swing high resistance, where it could potentially drop further to our first support, in line with our 161.8% Fibonacci extension, 78.6% Fibonacci retracement and horizontal swing low support. It is also worth noting that the Stochastic indicator is also showing bearish pressure as it is testing the resistance level at 93.97.

Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.