EUR/NZD Eyes 1.7700 as Wedge Pattern Triggers Bearish Outlook

The EUR/NZD pair was stuck in a major wedge pattern that triggered on Friday, August 23rd, and it now has a target of 1.7703. In the short term, it remains bearish below 1.7985. If the price bounces towards the 1.7935-1.7985 range, traders may turn bearish, as the risk-to-reward ratio favors a downside in this range. The first target in this scenario is 1.7850, moving towards the longer-term projection of 1.7703.

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