Home EUR/NZD Price Analysis: Bulls stepping in at key confluence area
FXStreet News

EUR/NZD Price Analysis: Bulls stepping in at key confluence area

  • EUR/NZD is starting to decelerate within the daily correction.  
  • Bulls have eyes on a continuation of the bullish trend.  

EUR/NZD has corrected to a 50% mean reversion and there are prospects of a phase of consolidation at this juncture and a continuation to the upside if the structure holds.

The following is an analysis of the daily and hourly chart that illustrates the bullish thesis.  

EUR/NZD daily chart

There is a confluence of the deeper Fibonacci retracements at this juncture from which bulls will look to engage from.  

The upside potential is compelling for a continuation of the daily recovery from weekly lows.  

EUR/NZD hourly chart

From a near term perspective, the bulls are drawing into the hourly M-formation’s neckline which is a bullish pattern from within the daily  support structure.  

A break above the near term resistance opens a layer of further resistance structures that the bulls will need to accomplish.  

FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.