EUR/NZD Is Retracing

The overall EUR/NZD trend is still very bullish, but the pair is likely to begin another temporary retracement, considering the two candlesticks that have formed on the weekly time-frame below the resistance at 1.7480, namely a hanging man candlestick as well as one notable spinning top candlestick. Follow those two candlesticks the pair started moving to the downside and if the signal proves valid and EUR/NZD continues falling, the closest target to the downside will probably be at 1.7000, although the pair could very well continue falling below that level too. Alternatively, the target of the overall bullish trend will probably be at 1.7400 – 1.7500.