The Euro
versus the New Zealand Dollar has been retracing to the downside after a big
rally. The pair breaks below the 55 day exponential moving average (purple
line), around the 1.7294 level, but it has found some support around the 1.6866
level. From this current zone, the pair may try to retrace to the 55 EMA, which
in such case would be completing a breakout and retracement pattern, giving us
a possible short entry. If the pair continues dropping, then the 200 day
exponential moving average (blue line), around the 1.6422 level could act as
support.
The pair is trading almost flat near 1.69 level.
ReplyDeleteLooking very bearish!
ReplyDeleteIt looks quite bearish indeed but it still hasn't broken below the support at 1.6866.
ReplyDeleteThe trend seems to be losing strength.
ReplyDeleteThis is a very important level.
ReplyDeleteGood point!
ReplyDeleteVery useful information, thank you.
ReplyDeleteImportant info!
ReplyDelete