The Euro News pair rose during the Asian trading period on Monday with the start of the week, but it fell back again in light of the scarcity of economic data today in both the eurozone and New Zealand.

Technically: the pair is trading near the upper limit of the ascending wedge on the four-hour frame, rebounding from it with a reversal candle now, and the pair has formed the harmonic Nen star model on the four-hour frame as well, and near it on the Daily time frame the pair is trying to complete the Gartley model, which will be the BRZ levels of this model at the levels of 1.8080/90.

Also, the fact that the pair is a negative divergence on the MACD indicator supports the decline.

We expect the pair to retreat from the current levels or, if the Gartley pattern is reached, with targets near the lower boundary of the ascending wedge approximately at the levels of 1.7900 and around, which, if broken, will open the way for further pullbacks towards the levels of 1.7750.

This scenario fails if the 1.8100 levels break higher.