EUR/NZD rallies and is pressuring a resistance area. The price action signaled that the pair could develop an important swing high after failing to confirm a deeper drop. Technically, we still need confirmation before considering going long.
The Euro received a helping hand from the German PPI which has reported a 1.5% growth compared to 0.8% expected.
EUR/NZD Technical Analysis!
The EUR/NZD pair has printed a potential Inverse Head & Shoulders pattern. Activating this chart formation signals strong growth. Jumping and closing above the weekly R1 (1.6721) signals that the price jumps towards the upper median lines (UML, uml).
A valid breakout through the median line (ml) and above the R1 could validate the chart pattern. I believe that the upside scenario could be invalidated by a drop below the weekly pivot point (1.6631).
Conclusion!
A new higher high, closing above 1.6720 today’s high could really announce a potential growth. Its failure to stay below the median line (ML) of the descending pitchfork and under the ascending pitchfork’s lower median line (lml) may signal an upwards movement.
Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
- Broker
- Min Deposit
- Score
- Visit Broker
- Award-winning Cryptocurrency trading platform
- $100 minimum deposit,
- FCA & Cysec regulated
- 20% welcome bonus of upto $10,000
- Minimum deposit $100
- Verify your account before the bonus is credited
- Fund Moneta Markets account with a minimum of $250
- Opt in using the form to claim your 50% deposit bonus
