Euro kiwi has been in a bearish trend since the beginning of the year 2019. Previous week we saw a weak New Zealand dollar which resulted in a strong push to the upside by EUR, with a test of the trendline. MA-s are crossing to the downside which as always is a good sign of detecting the trend direction.
EUR/NZD is currently trading below 1.65 after price found support at 1.6450. I will be looking out for a pullback to 1.6509 to enter short by any means if the price shows a sign of weakness at this level. It could be a quick sharp spike before we continue to the downside. At least this is the favored outcome in order to achieve better risk reward.
Should we see price break the 1.6450 level weekly support, then I will look out to find any form of retracement or retest to the broken level to enter short.
Medium to long term target is 1.6200 monthly support which I believe will be met soon enough.
In regards to the fundamental side, on Monday, 1st april there are few releases from euro-zone to be cautios of as price may move strongly at mentioned period.
EUR/NZD is currently trading below 1.65 after price found support at 1.6450. I will be looking out for a pullback to 1.6509 to enter short by any means if the price shows a sign of weakness at this level. It could be a quick sharp spike before we continue to the downside. At least this is the favored outcome in order to achieve better risk reward.
Should we see price break the 1.6450 level weekly support, then I will look out to find any form of retracement or retest to the broken level to enter short.
Medium to long term target is 1.6200 monthly support which I believe will be met soon enough.
In regards to the fundamental side, on Monday, 1st april there are few releases from euro-zone to be cautios of as price may move strongly at mentioned period.