EUR/NZD Will Likely Start Falling

The overall bullish EUR/NZD trend has lasted for months now, beginning back in the end of February this year, but the pair has reached a significant resistance level at 1.7215 and it has formed a pair of very telling candlesticks, namely a pair of shooting star candlesticks on the weekly time-frame below that resistance. They indicate that there will be a considerable retracement at the very least, if not a reversal of the aforementioned bullish trend. The closest long-term target to the downside is likely at 1.6360, which is the (MA)89 indicator on the daily time-frame. A breakout below that level could lead to a drop towards 1.5860, which is the same indicator, but on the weekly time-frame.