EUR/NZD Is Testing the Support at 1.6890

Last week EUR/NZD bounced off from the resistance at 1.7100 after forming a pair of clear shooting star candlesticks on the four-hour time-frame at that level and then proceeded to move to the downside. Today the pair finally found some support at 1.6890 which coincides with the (MA)89 indicator on the same time-frame. Currently the pair is testing that support level and if it bounces off from it as well it may retrace back to 1.7000 or even to the last high at 1.7100. On the other hand, if the pair does break out below the support at 1.6890 there will likely be a further move to the downside towards the next support, which is at 1.6780, which is the same indicator, but on the daily time-frame.