EURNZD has been in a range for a long period of time and it has recently broken out of that range aggressively without any bearish candles stopping it for a long period of time. My prediction is that the market will retrace back to the range box drawn on the chart and retest of that area, however failure to do so will result in the price of the market shifting downwards to remove any buyers through striking pass their stop losses. The 4h fractals has indicated that price wants to go higher due to the break above the fractal high and my volume indicator is in blue indicating that the trend is a strong bullish. The fibonacci retracement has indicated that the 61.8% level is underneath the old resistance, which will be the best entry for a long if price does reject off this key level. I have also drawn some boxes to show potential areas of take profits, the entries and the stop losses. Good luck traders and stay patient!
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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.