EUR/NZD Price Analysis: Bulls stepping in at key confluence area
|- EUR/NZD is starting to decelerate within the daily correction.
- Bulls have eyes on a continuation of the bullish trend.
EUR/NZD has corrected to a 50% mean reversion and there are prospects of a phase of consolidation at this juncture and a continuation to the upside if the structure holds.
The following is an analysis of the daily and hourly chart that illustrates the bullish thesis.
EUR/NZD daily chart
There is a confluence of the deeper Fibonacci retracements at this juncture from which bulls will look to engage from.
The upside potential is compelling for a continuation of the daily recovery from weekly lows.
EUR/NZD hourly chart
From a near term perspective, the bulls are drawing into the hourly M-formation's neckline which is a bullish pattern from within the daily support structure.
A break above the near term resistance opens a layer of further resistance structures that the bulls will need to accomplish.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.