We last posted about the EURNZD price action sometime in February .Since then we have seen the pair still trade within range. Support level 1.63198 and resistance level 1.69801 is where we have seen price trade. Price hasn’t broke past those those levels however is continuously ranging. See our previous analysis for further understanding on how the pair has been moving . https://fxsits.com/the-eurnzd-pair-trades-within-range-will-it-break-bullish-or-bearish/.
Today , price trades above the resistance which turned support at level 1.6884 .If price holds above the said level we could see the pair target Resistance level 1.69801. This is the level where price that hasn’t been broken for months. Thus making the pair trade within the said ranges as given above. We believe that if the pair finds resistance again. Possibilities are we could then we can see the pair retrace to level 1.68270 . If price does not find support here and breaks bearish then we will see level 1.66371 being exposed as well.
The EURNZD pair is on a long term bearish trend. If the EURNZD price action finally breaks bearish. We could see a long term bearish market for the pair. Attached are both the H4 and Daily time chart for proper understanding and how to trade and profit from the pair.
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