EUR/NZD Potential Upward Movement

EUR/NZD Long-Term Trend: Bullish

Key Resistance Levels: 1.6980, 1.7042, 1.7265

Key Support Levels: 1.6757, 1.6536, 1.6403

Daily Chart:

The price managed to break the bearish channel formation to the upside where it is posting now higher highs and lows signaling a beginning of a new trend to the upside. Currently, the price is at the end of the correction before moving upward again with the direction of the main trend.

EUR/NZD Medium-Term Trend: Bullish

4-hour Chart:

On the 4-hr time frame, the price is trading inside a bullish flag formation and it seems it is heading toward the are of confluence. This zone is made of a 61.80% Fibonacci retracement level and the daily support around the 1.6757 USDT level. A pump to the upside is expected after the price succeeding to break the pattern and bounce on the area of confluence.

Signal Idea:

Buy Limit Order @ 1.6757

TP 1 @ 1.6847

TP 2 @ 1.6980

Stop Loss @ 1.6713

Trade Safely 🙂