EUR/NZD: 1-hour
Range traders, unite! EUR/NZD is currently testing the top of the range visible on its 1-hour forex chart and might make its way back to the bottom. Stochastic is already moving down from the overbought area, indicating that sellers are in control of price action at the moment. However, the 100 SMA is safely above the 200 SMA, suggesting that an upside breakout might still be possible. If you think the range will hold and you’re planning on shorting at the current levels. just make sure you set your stop past the resistance at the 1.7860 mark or the previous highs. But if you think that further gains are likely, better wait for a long green candle to close past the resistance to avoid getting faked out!
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