EUR/NZD. In a range for last month. Support break on horizon?
Support level at 1.5700 is holding up and has kept the pair in a range for a month. Overall the trend is downward. I will be keeping an eye, as I am favouring this support level will be broken fairly soon.
If there is a close below support on 4hr chart, I will look for price to retest and look for confirmation in way of bearish pin bar or bearish engulfing pattern. If this happens I will enter on price moving below the candle confirmation. If this does happen I see no reason why price can get to the 1.5400 area.
Alternatively price may challenge the high at 1.5900.
If there is a close below support on 4hr chart, I will look for price to retest and look for confirmation in way of bearish pin bar or bearish engulfing pattern. If this happens I will enter on price moving below the candle confirmation. If this does happen I see no reason why price can get to the 1.5400 area.
Alternatively price may challenge the high at 1.5900.