I discussed this pattern on the EURNZD three weeks ago the pair had just broken through the neck line of the head shoulders pattern. In that write up I stated that a close below 1.68122 support level will open the door to 1.62882, 1.5722 and possibly all the way to 1.37317 in the weeks ahead.
Sellers closed below 1.6822 last week and buyers retested it yesterday and closed below it yesterday on the daily time frame. The measured objective of this pattern comes in around 1.37317 which is 3,059 pips away from current price.
Daily time frame
By: Chijioke Maduakor