Good morning traders, today we bring you a long-term analysis on the EUR/NZD pair.
🔸As we can see in the Weekly chart, the price broke the bullish channel to the downside, and from there began a downward movement that has not stopped until last week.
🔸The area where the price rebounded is a strong demand area. The last three times in the last four years that the price faced it, it had a bullish rebound. And this time it was not the exception.
🔸If the upward movement continues, we may see a retest of the supply zone approximately at 1.7300.
🔸In case of a bearish breakout, the bearish target is approximately at 1000 pips, at 1.5200.
🔸As we can see in the Weekly chart, the price broke the bullish channel to the downside, and from there began a downward movement that has not stopped until last week.
🔸The area where the price rebounded is a strong demand area. The last three times in the last four years that the price faced it, it had a bullish rebound. And this time it was not the exception.
🔸If the upward movement continues, we may see a retest of the supply zone approximately at 1.7300.
🔸In case of a bearish breakout, the bearish target is approximately at 1000 pips, at 1.5200.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.