Forecast of the EUR / NZD currency pair
Today we will examine the EUR / NZD currency pair, where a sell trading signal is being formed. At the time of writing, quotes of the pair were kept rangebound at 1.7900–1.7980, and if the price goes beyond this it will determine the further direction of price movement in the short term. It is also worth noting that a breakthrough of the marked price range can be accompanied by a fairly strong price movement.
Trading look:
The main scenario.
A Breakthrough of 1.7900 will open the way to 1.7855 and further to 1.7740. At the same time, the local target for sellers remains 1.7650 - the minimum since March of this year.
Alternative scenario.
The bearish scenario remains in focus until the quotes return above 1.7980. Above this level will indicate the willingness of buyers to resume growth to 1.8100.
A moderate weakening of EUR and further strengthening of the NZD amid a recovery in business activity in China may lead to the implementation of the main scenario. At the same time, active trading inside the range of 1.7900–1.7980 is associated with increased risks, as the pair is currently in the phase of uncertainty.
The above review is not a direct guide to trading, and can only be classed as a recommendation