EURNZD is one of the pairs that have presented a clear pattern that gives us a clue of what the market is likely to do next.
From the picture below, the trend line is drawn from the bigger picture i.e. higher timeframe, price had respected this trend line a couple of times. From the beginning of the week, price bounced from the trend line and found a resistance at 1.70422, to make a dip I believe is a minor pullback to 1.6931, and then the buying pressure resumes in the direction of the uptrend.
In my opinion, the buying pressure may push further to 1.70403, then we may experience further breakout to the upside or perhaps a consolidation.
Disclaimer: What I have shared above is not a financial or investment advice of any sort, it’s just for educational purposes only, whatever trading decision you make is at your own risk.
Edited 02 Jul 2021, 04:38
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