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EUR/NZD Potential Upward Movement

EUR/NZD Long-Term Trend: Bullish

Key Resistance Levels: 1.6909, 1.7030, 1.7050

Key Support Levels: 1.6802, 1.6686, 1.6650

Daily Chart:

The price on the higher time frame was rejected from the strong daily support around the 1.6686 and reversed to be traded with dominance of the bulls. Recently, the pair succeeded to break the daily resistance (now support) around the 1.6802 USD mark. The market retraced to this zone and now we expect further movement to the upside in the same direction of the main trend.

EUR/NZD Medium-Term Trend: Bullish

1-hour Chart:

On the 1-hour time frame, the price is trading inside a wedge formation where it managed to break it to the upside. A lower correction might be seen to the highlighted zone before a rally to our mentioned target profit.

Signal Idea:

Buy Limit Order @ 1.6841

TP 1 @ 1.6908

TP 2 @ 1.7030

Stop Loss @ 1.6808

Trade Safely 🙂

About Joe Damien

Joe is a proven Forex analyst and manual trader with 6 years of full-time trading experience. He is a swing trader that relies on price action, market structure and Fibonacci retracement. His two most successful pairs are CHF/JPY, CAD/JPY, but his expertise allows him to profit on any asset or pair.

4 comments

  1. It was so close to TP 1. But it reversed and hit SL instead. Do you move your stop to breakeven when the trade is running in profit?

  2. I tried placing the sighnal but it can’t be placed

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