EUR/NZD Is Consolidating

The bullish EUR/NZD trend finally ended a little over a week ago when the pair reached the resistance at 1.5455, formed a spinning top candlestick on the daily time-frame and started retracing to the downside. The pair could not quite reach the support at 1.5190, which coincided with the (MA)89 indicator on the four-hour time-frame, formed a very telling inverted hammer candlestick at 1.5210, and started moving to the upside again. Currently, EUR/NZD is testing the resistance at 1.5310, despite the shooting start candlestick that has formed at that same level on the four-hour time-frame again. If the signal for a new move to the downside proves to be invalid and the pair continues rising, the closest target is the last high at 1.5439. On the other hand, if it continues dropping it will likely reach the aforementioned support at 1.5190.