**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.
**Weekly Chart**
After it bounced from the high of the previous week's candle, last week's candle closed lower sweeping around 500 pips. It is now exactly at the sensitive level. Any retracement will continue to be a shorting opportunity. The directional bias is bearish unless we see a reaction from the support level.
**Daily Chart**
This pair continues to move lower after it breaks 1.7900 (the previous support level). This week we might see further move lower, any rallies are a selling opportunity.
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.
**Weekly Chart**
After it bounced from the high of the previous week's candle, last week's candle closed lower sweeping around 500 pips. It is now exactly at the sensitive level. Any retracement will continue to be a shorting opportunity. The directional bias is bearish unless we see a reaction from the support level.
**Daily Chart**
This pair continues to move lower after it breaks 1.7900 (the previous support level). This week we might see further move lower, any rallies are a selling opportunity.
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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.