EUR/NZD Pulls Back into Zone of Interest

in forex •  3 months ago 

EUR/NZD Key Points

  • Higher time frame, EUR/NZD bearish trend.
  • Retest of higher time frame previous support as resistance.
  • Waiting to see if the resistance zone holds in order to look for shorts.

EUR/NZD Technical Analysis

Morning team,

After the EUR/NZD bearish price action that saw price reject off higher time frame resistance and the bears take full control about a month ago, the pair is today back on our radar.

Take a look at the EUR/NZD daily chart below:

190731-eurnzd-d1.png

If you click the link above to our last analysis piece on the pair, you'll see that it was the top resistance zone marked on that chart that we were looking to trade before. Price has obviousy rejected hard off it, but with this most recent pullback into previous support, I'm looking for it to turn to resistance and give us a nice zone to short.

Price is only just heading into the zone now and we have to wait and see how price reacts to the zone. From here, we zoom into an intraday chart and wait for a short term area of support to be retested as resistance for an entry.

Keep an eye on this one, it has some serious potential.

Best of probabilities to you.

Dane.

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