EURNZD
has been bearish as of late, with a sharp downturn awhile back. Resistance has been tested multiple times. I have a target of 1.6742, but it could very easily go further and test the lower channel support. Please, do your own research, and only make trades based on your own gathered information. This is NOT in any way a recommendation to place any trades.
Comment:
May have moved into a short term channel or triangle. Watch for changes in trend.
Comment:
Bulls and bears clashing at 1.68. Watch for true breakout in either direction.
Comment:
I lowered my take profit on 4/10 and decided to close around 1.67. At this price we are seeing more battling to see if this point will become support or resistance (If it moves like the 1.68 area did), we could see some sideways movement until the market decides which direction to breakout. I’ll wait for a true breakout and hopefully downward. If it does break lower, then we could see 1.663-1.664 or lower like some analysts had predicted last week. Something to examine is the 4H momentum is sharply down, but the 1H is slowing and the RSI is below 30. So, for now we will wait and watch.