EUR/NZD: 1.6300 And Then 1.6000 On The Cards

Published date: 25/03/2019
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Hello Traders and welcome back to EverythingFX. Hope everyone had an amazing weekend and is ready for a week packed with analysis.

Euro currently trading at 1.64397 against the New Zealand Dollar during today's London Session.

Starting on our weekly timeframe we can see we sold ourselves off nicely as stated in my previous article! We are currently resting on our minor daily support of 1.64150 which I will need a break of before we head lower. On the daily timeframe, after forming a bearish engulfing out of our minor daily resistance of 1.66000, we can see the pair printed a nice 160 PIP move on Friday before starting a minor retrace off support.

We are currently trending nicely to the downside which is illustrated on the 4-hour screenshot above. What I would need before taking a trade setup on this would be either a nice pullback in and around the 1.65000 region or a break of our daily support of 1.64150 which would provide a nice 120 PIP decline to our first downside target if 1.63000 which was called when we rejected our resistance of 1.67000. On an overall perspective, I do see 1.60000 for the pair going forward which will provide several trading opportunities for us to ride it down further! 

What would invalidate this trade setup for myself is if we break our minor daily resistance of 1.66000. With the overall European economy looking dovish it provides further confluence to see this pair trading lower. On Wednesday we have the RBNZ Interest rate decision which is expected to stay the same as well as ECB President Draghi who will speak which will increase the volatility within the pair. Keep your eyes on our Market news section for updates as well as our twitter feed for constant and rapid market updates!


Comments

  • EUR/NZD: 1.6300 And Then 1.6000 On The Cards
    Hami says:
    25/03/2019

    Signal

  • EUR/NZD: 1.6300 And Then 1.6000 On The Cards
    Hami says:
    25/03/2019

    Signal

  • EUR/NZD: 1.6300 And Then 1.6000 On The Cards
    Hami says:
    25/03/2019

    Signal

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