The EURNZD continued forming clear negative movement, affected by the continuation of forming strong barrier at 2.0335 level, suffering some losses by its stability near 2.0120, noting that the continuation of stochastic stability within the oversold level will increase the negative pressure on the current trading, to pave the way for reaching the initial target at 2.0060. Breaking this barrier might extend the losses towards 1.9955 directly, to face the moving average of 55.

 

While the stability above 2.0060 level will force it to form mixed trading, and there is a chance for recovering some losses by its rally towards 2.0210 before any attempt to reach the previously suggested negative target.

 

The expected trading range for today is between 2.0060 and 2.0175

 

Trend forecast: Bearish