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π’Forex Pair: EUR/NZD
βͺTechnical Analysis: Since January 2021, the price has been moving in an interesting side trend, bouncing up and down between the resistance area at about 1.69500 and the support area at about 1.68500, many rejections are a clear confirmation of the strength of these zones. The 27th of January the price temporary broke through the support zone, quickly moving back over the support zone, failing its next attempt to create a lower low. It is currently re-testing the support level and the next price action will be essential to understand the next market movement.
π΄Conclusion: The price seems to be not really strong anymore to push the price down under the level 1.68100 and the last few pinbar candles could be the first sign of an upcoming new impulse. I'm confident to see the price moving up until its next resistance zone at 1.69700 but I'll be waiting the next few h4 sessions before entry long on this trade. The level 1.68800 could be a potential entry point.
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