On H4 chart EUR/NZD pair breaks through the support area at 1.5690. Thus, a new lower low was established and a clear change in momentum was made. Successful breaking of mentioned area opens way for further declines. Key support for this scenario is the area (1.5241 – 1.5385) set by bullish gap that emerged after the first round of presidential elections in France.
Bearing in mind the above, there is potential for more than 300 pips move south. In this case, it is worth waiting for a deeper closure under the support, which will confirm its breaking. The opportunity to go short can then be back to moving average (20 SMA).