Our free forex signals service trade today is a buy order on the EUR/NZD pair.
The EUR/NZD pair moves somehow sideways in the short term after escaping from a down channel pattern. The price action developed a triangle pattern, so we’ll have to wait for a valid breakout from this formation before taking action.
In the short term, the Euro remains sluggish after poor Euro-zone economic data reported yesterday. As you already know, the ZEW Economic Sentiment was reported at 48.6 points below 54.4 expected, while the German ZEW Economic Sentiment came in at 54.3 points versus 55.1 forecasts.
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Euro-zone Industrial Production
Today, the Euro received a helping hand from the Industrial Production indicator which reported a 1.2% growth versus only 0.4% expected. Tomorrow, the New Zealand PPI Input and PPI Output will be released.
From the technical point of view, a valid breakout from this triangle could bring an upside continuation and new long opportunities. An upwards movement could be invalidated if the EUR/NZD makes a valid breakdown from the triangle pattern. After escaping from the down channel pattern, the price signaled that the downside is over and that the bulls could take the lead. 1,7012 stands as a historical level, as a downside obstacle, that’s why the correction was only a temporary one.
Free forex signals – Buy EUR/NZD at 1.7178
Free forex signals entry price and takes profit
Order Type: BUY STOP
Entry price: 1.7178
Stop Loss: 1.7012
My Risk: 1%
Risk / Reward Ratio: 1:1.7
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