EUR/NZD Price Analysis: Bears breaking key 1.7016 hourly support
- EUR/NZD bears testing the bullish commitments at daily and hour supports.
- Bears looking for an hourly close below 1.7016.
The cross is testing the bullish commitments at both daily and hourly support, but there is a bias to the downside considering the firm daily resistance.
The following illustrates where the next downside opportunity could arise on some additional commitment from the bears in the coming sessions.
EUR/NZD daily chart
The daily chart shows a number of layers of support.
1.7016 4-hour support is being tested and now on a break below the current support near 1.6980, the bears will be well and truly in control.
With that being said, from an hourly perspective, nearer-term support is under pressure and we need to see a close and a shift in the environment.
EUR/NZD 1-hour chart
As illustrated, the bears are pressing against the hourly support of 1.7016.
A close below there will be bearish and should shift the time frame into a bearish environment.
This could offer an optimal entry point from which bears can target a full-on break below 1.70 the figure and then test the 1.6980s and 1.6950s below there.
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July 20, 2021 at 05:32PM