EUR/NZD Price Analysis: Bulls seeking run to daily resistance

EUR/NZD is showing signs of an upside correction on the weekly time frame.
The price on the daily time frame is in the throes of a bullish H&S.

Ross J Burland FXStreet

EUR/NZD has been carving out a bullish pattern on both the weekly and daily time frames and the following is a top-down analysis that illustrates where the next swing trading opportunity might play out.

Weekly chart

The M-formations are expected to draw in the bid towards a confluence of Fibonacci retracements and prior structure.

Daily chart

The reverse head and shoulders is a bullish pattern that will be completed on an upside continuation.

Bulls can target a daily Fibo retracement of the prior correction which meets resistance according to a volume profile analysis.

4-hour chart

Bulls will want to see the trendline resistance broken and recent structure restested for an optimal entry point.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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