Looking at the chart on 02 March 2022, it can be seen that EURNZD has had its fall from grace and has low chance of recovering, especially with the hike in oil prices and a fresh outlook to Ukraine vs Russia.
However taking in technical indicators as such the RSI, it can be seen that it has recently went into the major overbought zone. Also price has reached a valuable support zone, last visited in Feb 2021.
If this support zone holds firm, price will likely be headed for a recovery pullback, if support is broken in the upcoming days, price wil likely visit the support at 1.608.
Any thoughts?
However taking in technical indicators as such the RSI, it can be seen that it has recently went into the major overbought zone. Also price has reached a valuable support zone, last visited in Feb 2021.
If this support zone holds firm, price will likely be headed for a recovery pullback, if support is broken in the upcoming days, price wil likely visit the support at 1.608.
Any thoughts?