**Monthly Chart**
EURNZD has been in a large sideways range between 1.46000 and 1.85000 from the year 2017 till date. However, we saw the price peaked above 1.85000 level in Mar 2020 but it moved back into the range creating manipulation candles (MC) and then drifted lower until Mar - April 2022 creating another MC (or order block) after testing the low at around 1.55000 levels. Since then the price started moving higher.
Last 4 months candles, the price was moving into a smaller range as it is testing the older manipulation candle of 2020.
Last month’s candle closed within the range of the previous three months. This month candle opened lower and currently testing a strong support level at around 1.75160. If the price breaks the low then we might see continued bearish momentum. If the price bounced from that level then the price will go back into the range.
On the week closing 8th Dec 2023, the monthly candle (which is still active) tested the low of July23 month and bounced from it. Therefore, I was predicting a move higher at least to test the middle of the previous month's candle at 1.8000 level.
**Weekly Chart**
Last week candle closed as a doji candle at a strong demand zone which suggests the next movement is bullish for EURNZD this week. I will be watching this pair closely and GBPNZD for potential buying opportunities.
**Daily Chart**
The last daily candle of last week closed at a bullish candle after storing near a strong demand zone. As mentioned in the weekly chart. I see this as a buying opportunity from a smaller time frame.
EURNZD has been in a large sideways range between 1.46000 and 1.85000 from the year 2017 till date. However, we saw the price peaked above 1.85000 level in Mar 2020 but it moved back into the range creating manipulation candles (MC) and then drifted lower until Mar - April 2022 creating another MC (or order block) after testing the low at around 1.55000 levels. Since then the price started moving higher.
Last 4 months candles, the price was moving into a smaller range as it is testing the older manipulation candle of 2020.
Last month’s candle closed within the range of the previous three months. This month candle opened lower and currently testing a strong support level at around 1.75160. If the price breaks the low then we might see continued bearish momentum. If the price bounced from that level then the price will go back into the range.
On the week closing 8th Dec 2023, the monthly candle (which is still active) tested the low of July23 month and bounced from it. Therefore, I was predicting a move higher at least to test the middle of the previous month's candle at 1.8000 level.
**Weekly Chart**
Last week candle closed as a doji candle at a strong demand zone which suggests the next movement is bullish for EURNZD this week. I will be watching this pair closely and GBPNZD for potential buying opportunities.
**Daily Chart**
The last daily candle of last week closed at a bullish candle after storing near a strong demand zone. As mentioned in the weekly chart. I see this as a buying opportunity from a smaller time frame.
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Join our PropSignals Channels on Telegram
t.me/PropsignalAE
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.