EUR/NZD forecast for January 26, 2021

Looking at the chart on the weekly time frame, we see that the EUR/NZD pair continues with the bearish scenario this week. The last break was made below the moving average of the MA200 (purple line), creating even stronger pressure on the Euro to go even lower. When we set the Fibonacci retracement level, we see that the chart moves exactly along the levels, makes consolidations around them, and then falls towards the lower levels. At the bottom, a psychological level of 1.65000 awaits us. A little above that is the Fibonacci level of 61.8%, where we can expect a new consolidation and even a possible reversal of the trend.
On the daily frame name, we see a consolidation below 1.70000. First, we had a break, then a retest and a sequel, and down to the current 1.68550. To continue down, we need another break below 1.68000. If that happens, we can expect the EUR/NZD pair to fall to 1.66000. For the bullish scenario, we first need a break above 1.70000, then a consolidation that could push the EUR/NZD pair up where it would then test 1.72000 and where we would later open the way to 1.75000, but for now, it is too early for something like that, because we do not have characters on the chart. The bearish trend’s continuation is very more probable, as confirmed by the moving averages that follow this bearish trend.
On the four-hour time frame, we see a strong bearish trend for the EUR/NZD pair, and when we combine the previous highs, we get a line of resistance from the top. As resistances, we can also follow the moving averages that are now following the top’s bearish trend. In this time frame, we follow the zone around 1.68000 places of the previous deduction, i.e., previous support. Now that things are on the broken chart below is very likely. For the bullish scenario as well as on the daily chart, we need a break above 1.70000.