Bullish EURNZD
Expecting a continuation of this bullish move. The European Dollar has been gaining a significant amount of strength.
Reason For Bullish Move:
1.) The New Zealand dollar has been overall losing its strength, not only against the EURO but other currencies as well.
2.) After breaking and retesting the former high, price then found support and formed a higher low on the monthly time frame.
3.) Last week sell off ended in an indecion candle on the weekly timeframe, showing that some exhaustion may exist and price is now ready to make a move to the upside.
4.) On the weekly time frame price respected the 61.8 fib level.
5.) On the daily chart, price broke through the former resistance level, and retest that same level and found support (the yellow rectangle) at that same level.
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Reason For Bullish Move:
1.) The New Zealand dollar has been overall losing its strength, not only against the EURO but other currencies as well.
2.) After breaking and retesting the former high, price then found support and formed a higher low on the monthly time frame.
3.) Last week sell off ended in an indecion candle on the weekly timeframe, showing that some exhaustion may exist and price is now ready to make a move to the upside.
4.) On the weekly time frame price respected the 61.8 fib level.
5.) On the daily chart, price broke through the former resistance level, and retest that same level and found support (the yellow rectangle) at that same level.
Like, Comment, Follow. If you think or see something different comment your analysis.
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