Good day traders! Today we will show you our analysis in EUR/NZD and we will explain why we consider that it has upside potential in the short term.
🔸The first bullish sign we have is that the price bounced in a zone of weekly demand.
🔸After that, there was a break of the Descending Trendline.
🔸Those were the first two factors that made us consider a potential upside move.
🔸We always seek to wait for a correction or a pullback after a breakout to have a better risk to reward ratio of the trade.
🔸That correction lasted for several days, and we can finally see the bullish breakout.
🔸The target of this movement is the Resistance zone.
🔸The first bullish sign we have is that the price bounced in a zone of weekly demand.
🔸After that, there was a break of the Descending Trendline.
🔸Those were the first two factors that made us consider a potential upside move.
🔸We always seek to wait for a correction or a pullback after a breakout to have a better risk to reward ratio of the trade.
🔸That correction lasted for several days, and we can finally see the bullish breakout.
🔸The target of this movement is the Resistance zone.