EURNZD Stuck In A Range, Awaiting Support Or Resistance Break!
The main chart represents the EURNZD weekly chart where it shows that the price has been stuck in a range. The red horizontal support and resistance are the crucial nearby levels that needs to be broken for the pair to start a new or continue the old trend cycle. Depends on what level is broken first then and only then it is advisable to trade this pair LONG OR SHORT.
At the moment a downward trendline seems to be developing which also evident on the daily charts. (see the image below)
For us to go LONG on this trade the resistance of 1.73500 needs to be broken so that the price will be likely to be en route to next resistance whcih stands at 1.8000 level. On the flip side if the support of 1.65000 is broken then the price might likely head down to the next support that lies at 1.58000 level. It remains to be seen what can happen to this pair but for now any swing trading opportunity may not be a beneficial one as the price is stuck in a range
Shall there be any trade signal i will post in a new thread. this is just my analysis and opinion on this specific pair. cheers
At the moment a downward trendline seems to be developing which also evident on the daily charts. (see the image below)
For us to go LONG on this trade the resistance of 1.73500 needs to be broken so that the price will be likely to be en route to next resistance whcih stands at 1.8000 level. On the flip side if the support of 1.65000 is broken then the price might likely head down to the next support that lies at 1.58000 level. It remains to be seen what can happen to this pair but for now any swing trading opportunity may not be a beneficial one as the price is stuck in a range
Shall there be any trade signal i will post in a new thread. this is just my analysis and opinion on this specific pair. cheers
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