EUR/NZD: 4-hour
Here’s another potential trend line play on a euro pair. EUR/NZD has been trading in a downtrend for the past weeks, creating a falling trend line on its 4-hour forex chart. Price looks ready to make a pullback to the trend line, which is somewhere around the 1.5000 major psychological resistance for now. Stochastic is moving towards the overbought area, indicating that there’s enough bullish momentum to trigger a retracement to the Fib levels marked on the chart. If the selloff resumes, the pair could test the previous lows at the 1.4800 handle or make new ones!
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