EUR/NZD Bearish: Currently, we are at 1.7053 after taking out the top in a range. IF we can break out of the 0.214 Fibonacci, we are looking for a continuation initially to the 0.382 Fibonacci at 1.6979 and then to the 0.500 Fibonacci at 1.6924. The average daily true range (ATR) for the pair currently is 104 pips but its 180-day ATR is 114 pips a day.
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