EURNZD is trading within a key daily structure resistance cluster.
On that, the price is currently consolidating within a horizontal trading range.
1.715 - 1.716 is its resistance.
1.7045 - 1.7065 is its support.
For now, I see two equally possible scenarios:
- Bearish
In case of a bearish violation of the support of the range,
bearish continuation will be expected.
Next support will be 1.69 - Bullish
In case of a bullish breakout of the resistance of the range,
a trend following movement will be expected.
Next resistance will be 1.73
Wait for the breakout & follow the market.
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Note
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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.