EURNZD price action

For sometime now. We have been watching some minor and cross pairs. These past weeks we traded the EURNZD. This pair has been on a bearish trend for the pass 2-3 months. If you look at the H4 and Daily time frame. You will notice how price action shows a long term bearish trend.

EURNZD daily
EURNZD daily Chart 2 December 2020

In the H4 and Daily chart. You will notice how price action found support at level 1.69809 .This level has held strong for some time with price action indicating to us a trend reversal formation. Price currently trades above the support level. Thus, indicating to us that price is about the reverse and start moving bullish.

In the H4 chart the Eurnzd has found resistance at level 1.73373 .It is at this level we believe price may find some difficulties breaking. If price does manage to break resistance level 1.73373 .Then level 1.75559 will be exposed , thus this which will be our next level of resistance where price may face difficulties to breaking.

EURNZD H4 Chart 2 December 2020 (2)
EURNZD H4 Chart 2 December 2020

On the Daily and H4 we see how price resisted before moving bearish. If price continues and manages to break past the support level 1.69809 .This could leave level 1.6836 exposed which will be our next support level.

We predict that price could reverse and form a new bullish trend since it has found support on the level for a while. We can only watch and wait for entry signal.

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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