EURNZD tested the 61.8% daily trend line. Now it is breaking the 60 min channel and i am looking for two possibilities: 1-Price can test the first trend line and it can goes up to 1.6400 in order to complete a daily Cypher pattern before going down.
2.We have divergences on the 240 min wave so price can breaks the first trend line and it can goes at least up to 1.5700.
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Daily chart
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Price is testing the first trend line.
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This is becoming a little bit difficult now as we have a 60 min Cypher pattern with D leg at trend line. So the possibilities for a trend continuation to upside are really high. As long as the X leg of the 60 min Cypher pattern is not violated there is a high possibility for another move up.
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Price tested 1.5700 and reversed back up.
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Price almost completed the bullish Cypher pattern and tested a strong support zone. Now we need to see for the development of a bullish patter before entering the trade and buy, because there is the possibility that price can complete the Cypher (yellow) before moving up.