Last session the EURNZD cross pair attempted to move past a weekly swing level, but the breakout higher was denied and collapsed back in on itself. The session ended up closing lower than it’s open prices creating a bearish pin bar setup. This signal is against recent upward momentum, but a quick look on the weekly chart shows a very good area for selling on a longer term scale.
This setup offered a retracement entry which some War Room Traders did take advantage of. The setup is now fully confirmed now that price has broken down out of the rejection candle low triggering breakout entries. If this setup plays out to the downside, continuing to weaken, we could see a retest of the next major support level marked on the chart.