On the EURNZD daily chart price fluctuates in a consolidation area. You can see that quotes test psychological support level of 1.5200. Previous tests of this area were characterized by increased demand activity. It’s worth looking at a chart with a lower time interval.

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H4 chart shows that bears are in force. A strong downward impulse is noticeable, which has established a new lower low. Test of level of support did not lead to increased buyers activity. The emergence of Price Action bullish formation will increase the probability of correcting recent declines. Breaking the 1,5200 level will open way to further declines.

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