EUR/NZD Is Bearish for Now

A week ago EUR/NZD formed a very clear hammer candlestick above the support at 1.6520 on the weekly time-frame, which was a likely signal for a move to the upside. One week later the pair has formed a spinning top candlestick above the same support and on the same time-frame, which is a signal for indecision, rather than a move to the upside. Despite both of those candlesticks the pair is bearish for now and is attempting to continue its move to the downside. Of course, that may not last long, not to mention that there will be a confirmation for a further move to the downside after a breakout below the last low at 1.6520. If that happens the next target will likely be at 1.6100, which is the (MA)89 indicator on the weekly time-frame. On the other hand, to the upside the first likely target is at 1.6935 which is the last high.