EURNZD price action

In today’s Analysis we take a look at the EURNZD price action . We last spoke about this pair last week. Price has traded above resistance level 1.69850 .This is the same level price traded within last week. You may notice how price hasn’t really moved but has consolidated .Our indicators still show bullish potential past this resistance level. The link provided is our previous analysis for the pair. https://fxsits.com/the-eurnzd-price-could-possibly-continue-bearish/ .

EURNZD Daily chart 18 June 2021
EURNZD Daily chart 18 June 2021

In the charts If we see price trade above level 1.69850 and push bullish. Chances are the next level will be exposed. We may see price find resistance at level 1.73526. However, if today’s daily candle closes below the resistance level. Then the pair may return to level 1.68228 .If price doesn’t hold at that level and break bearish. We may see price’s next support at level 1.66171.We believe that all this will possibly take weeks to perform.

However, if The EURNZD price action manages to break bullish and reach resistance level 1.71526. And hold above it, then we shall see a new trend form . This will be bullish for some time. Our analyst at Fxsits believe that the pair shows strong bearish price action for the long term.

 

EURNZD H4 chart 18 June 2021
EURNZD H4 chart 18 June 2021

NB: Warning Before deciding to participate in the Forex market, you should carefully consider your investment objectives, level of experience and risk appetite. Most importantly, do not invest money you cannot afford to lose. Consider position sizing before entering a trade and manage your risk accordingly. Please read the risk warning before deciding to trade the markets.

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