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EUR/NZD Potential Upward Movement

EUR/NZD Long-Term Trend: Bullish

Key Resistance Levels: 1.7162, 1.7279, 1.7347

Key Support Levels: 1.7037, 1.6986, 1.6894

Daily Chart:

The price is trending to the upside by posting higher highs and lows. It is bouncing inside a bullish channel formation where it managed to break the strong daily resistance around the 1.7037 USD mark. This daily strong resistance is now the new support which could lead to a move upward in again 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 found buyers around the 61.80% Fibonacci retracement level and succeeded to move to the upside. A lower correction has been posted to the highlighted area which it will cause a rally all the way up toward the target profit.

Signal Idea:

Buy Limit Order @ 1.7060

TP 1 @ 1.7117

TP 2 @ 1.7162

Stop Loss @ 1.7035

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.

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