KVE

EUR/NZD: Breakout could be imminent, UP or DOWN??

FX:EURNZD   Euro Fx/New Zealand Dollar
20 0 1
See comments in the chart.
PA breached the symmetric triangle to the upside but was stopped by the upper boundary of a possible bullish ascending triangle and is now retesting the upper symmetric triangle boundary.

It is difficult to predict the direction at this stage so I am currently only considering trading this pair after I see a confirmed breakout, either up or down.

Three S/R- or trendlines are in play, the question is which will have the biggest influence. The shorter timeframe trendline might give some temporary support, but is still "young", as might the 100MA.

I am currently neutral with a bullish bias based on the ascending triangle , broken symmetric triangle and "up" channel (more "up" than "down" signs if you ask me).
There is some bearish divergence that might be developing on the MACD though...
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