EURNZD Bearish momentum

10 wrzEURNZD experienced a sharp drop on the daily chart but has since bounced off a support level, leading to a pullback that retraced 50%. This retracement has been marked by rejection candles on the daily timeframe. The price is now testing the psychological level of 1.8000, and the sideways movement just below this level suggests that bears are starting to exert downward pressure. With this setup, there is a possibility of a false breakout or a price squeeze at the resistance, potentially resulting in a bearish move. The target is the support level at 1.77800