EUR/NZD broke yesterday support set by last low that formed prior to setting high and also broke the uptrend line. Bears have clearly overtook control on the market and are heading to 1.5455 support.

There we can expect reaction of bulls and in case of rebound, area between 1.5627 – 1.5670 can be a resistance for this pair. In addition, 20-day SMA can provide a dynamic resistance.

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In case of breaking support at 1.5455, the nearest target should be the level of the week closure preceding the bullish gap (1.5241).

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