FXtrades-gp

EURNZD: an upcoming BULLISH impulse

Long
FX:EURNZD   Euro / New Zealand Dollar
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🟢Forex Pair:
EUR/NZD

Technical 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.

🔴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.

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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Comments

Good view, thanks for sharing
+1 Reply
FXtrades-gp Dave-FX-Hunter
@Dave-FX-Hunter, thanks so much dave! :)
Reply
Wonderful illustration, cheers bro
+1 Reply
FXtrades-gp Investroyllc
@Investroyllc, thanks a lot!
Reply
I have a similar idea. Thanks for sharing
+1 Reply
FXtrades-gp Samoburger
@Samoburger, you're more than welcome! many thanks !
Reply
thanks for the update Gianni!
+1 Reply
FXtrades-gp TheSignalyst
@TheSignalyst, You're welcome Rich!
Reply
Amazing work here! Thanks for sharing
+1 Reply
FXtrades-gp Mahtab_Tradia
@Mahtab_Tradia, hi! thanks for ur feedback!
Reply
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