EURNZD: Is time to GROW again?
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🟢Forex Pair:
EUR/NZD
⚪Technical Analysis:
In the weekly time frame, since March 2019, the price has been following an uptrend, bouncing many times on its dynamic trendline.
Few weeks ago it broke through its main level and it's currently re-testing a secondary trendline.
In the daily time frame, since March 2020, the price has been following a strong downtrend and it is currently bouncing on its dynamic trendline.
In the h4 time frame, we can see the price moving between two S/R zone, it is currently retesting the secondary trendline and a strong support zone at about 1.68350. The next price action will be essential to understand the next market movement.
🔴Conclusion:
This is a period with high volatility, and the price is quickly moving up and down between its two S/R zones.
I'm confident to see the price growing until the resistance zone at about 1.69600 but I'll be waiting for a proper candlestick rejection before to get any long position on this trade!
Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!
⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️
Trade Safe and Responsibly,
Gianni
🟢Forex Pair:
EUR/NZD
⚪Technical Analysis:
In the weekly time frame, since March 2019, the price has been following an uptrend, bouncing many times on its dynamic trendline.
Few weeks ago it broke through its main level and it's currently re-testing a secondary trendline.
In the daily time frame, since March 2020, the price has been following a strong downtrend and it is currently bouncing on its dynamic trendline.
In the h4 time frame, we can see the price moving between two S/R zone, it is currently retesting the secondary trendline and a strong support zone at about 1.68350. The next price action will be essential to understand the next market movement.
🔴Conclusion:
This is a period with high volatility, and the price is quickly moving up and down between its two S/R zones.
I'm confident to see the price growing until the resistance zone at about 1.69600 but I'll be waiting for a proper candlestick rejection before to get any long position on this trade!
Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!
⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️
Trade Safe and Responsibly,
Gianni
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