Pippin Ain't Easy


EUR/NZD: 4-hour

EUR/NZD: 4-hour


Aha, it’s my favorite break-and-retest scenario playing out on EUR/NZD! The pair has made a strong selloff at the start of the month but has found support above 1.5400 and pulled back up for a correction. Using the handy-dandy Fib tool on the latest swing high and low on the 4-hour chart reveals that the 61.8% Fibonacci retracement level lines up with a broken support area at the 1.5550 minor psychological mark. Stochastic is heading down from the overbought zone, which means that sellers are ready to hop in yet it appears that buyers won’t give in too easily!

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