On the EURNZD daily chart, we can see that the pair is breaking below the 1.6500Â level and is opening a further downside extension within the downtrend channel and a possible continuation into the 1.6000 lower. Now only the daily close above 1.6560 level could invalidate the downside extension.
Note: look for the short trade entries with the stop loss above 1.6550 level.
