EURNZD is approaching its support at 1.6419 (61.8% Fibonacci extension, horizontal swing low support) where it could potentially bounce to its resistance at 1.6513 (50% Fibonacci retracement, horizontal pullback resistance).
Stochastic (89, 5, 3) is approaching its support at 2.6% where a corresponding bounce could occur.
Near 1.6343 i will open buy if the price will make fake broke
Because
- 1.6343 - 3rd December low.
- low risk
- Potential profit will be in 5 - 7 times bigger that a risk
EURNZD is still on our plan of long trade.
Nothing has changed yet.
The red bottom is still valid.
And price is move upward as we wanted and want.
Just not a pair with a huge target that is going to finish in 1-2 days.
Less is more!
Hello Traders
My expectation is one more up impulse as C wave for the completion of the 2nd wave. That's why I'm looking for long trade setups. The last wave from the bottom could be the reversal impulse and after that, it made a correction. And it looks like it's making a lower degree reversal impulse now. So, I'm waiting for a correction to place an entry...
I still have my mid-term bullish glasses on for this asset. Could be we have reached a low again at the current price. It looks like buyers are attempting to turn it up already, but not there yet. Looks like a legit channel, the range between the green and red. So we should see follow through if either one breaks. If the one at the low breaks, i would keep an eye...
Fundamentals:
NZD
- "NZ trade deficit hits $791m in Jan - double expected figure"
- "Higher living standards, slower economy: Expert's take on CGT"
- "Economy Hub: Business gloom getting worse - new EMA chief"
EUR
- The pan-European Stoxx 600 finished provisionally up 0.35 percent with almost every sector in positive territory. Autos were the top performing...
Our last analysis on EURNZD is still valid.
The weekly DOJI above red support zone just confirm our views.
The new trend is up for 1200 pips probably.
Good luck.
Less is more!
The Euro vs. the New Zealand Dollar. The New Zealand dollar had performed well against the Euro recently because it is often considered to be a proxy for the Chinese growth. Eurozone weakness may limit any significant reversal if concerns about Chinese growth occurs as the country shifts from export lead growth. The NZD has benefited from the recent Euro-zone difficulties due to idle cash efforts to find strong, secure yields.
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