Forex Analysis & Reviews: EURNZD approaching descending trendline resistance! Drop Incoming!

Price is approaching 78.6% Fibonacci retracement and descending trendline resistance. A short term drop below our 1st resistance at 1.70255 towards 1st support at 1.69560 could be possible. Stochastic is testing resistance where price pulledback in the past.

Trading Recommendation
Entry: 1.70255
Reason for Entry:
78.6% Fibonacci retracement, descending trendline resistance
Take Profit: 1.69560
Reason for Take Profit:
-27.2% Fibonacci retracement, Graphical overlap support
Stop Loss: 1.70583
Reason for Stop Loss:
Graphical swing high resistance

Analysis are provided by InstaForex