EURNZD on MA200

Looking at the chart on the four-hour time frame, we see that the pair has come to a very important level. Firstly we test significant support on the moving average MA200. Secondly, by setting the Fibonacci retracement level, we see that the previous rejection was at 61.8% and that we are currently testing that level again at 1.66800. Other smaller moving averages are on the bearish side and put pressure on the pair to continue the bearish trend, and if they succeed in that or, then it drops 1.65000 to the previous low.