EURNZD: Key Level & Potential Pullback

EURNZD reached a key daily structure.
Friday's bearish engulfing candle confirms the strength of the underlined level.

the only obstacle for sellers right now is the rising parallel channel.
for now, it is the perfect buy zone for bulls.

to initiate short trade, I would wait for a bearish violation of this channel.
it will most likely trigger a selling reaction and will make market drop.

initial target will be 1.7855

in case of a new higher high higher close within the channel,
setup will be invalid and a further bullish continuation will be expected.

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