Good evening from the UK EURNZD let's talk about these currencies individually. New Zealand Dollar has been plummeting the past week with multiple NZD pairs on the decline with mo sign of slowing down. Again similar scenario with the Euro as you can see in this pair with multiple swing lows respecting the downtrend trendiline. Now rules of a trend line today on the 2nd of April we have a fourth trend line touch. Is the pair exhausted? Do we need to see a break of a down trend? I think so.
What can I see. over the past 3 days we have forming a morning star candlestick formation completing a Inverse Head and shoulders formation with price meeting back to the neckline in which is a strong weekly timeframe key level If we can see a closure above the weekly on a lower timeframe than the daily we could see a break retest continuation crating that longterm extension inverse H&S target around 1.68500. As a day trader you could also use the fibonacci extension levels as intra day targets.
What can I see. over the past 3 days we have forming a morning star candlestick formation completing a Inverse Head and shoulders formation with price meeting back to the neckline in which is a strong weekly timeframe key level If we can see a closure above the weekly on a lower timeframe than the daily we could see a break retest continuation crating that longterm extension inverse H&S target around 1.68500. As a day trader you could also use the fibonacci extension levels as intra day targets.