"EUR/NZD: Support Zone Watch for Bullish Move"🔹Key Overview:
The EUR/NZD pair is currently trading near a strong support area around the 1.8170 – 1.8200 zone, which has previously acted as a significant demand level. The price has tested this region multiple times, indicating a potential bullish reversal if buyers step in.
🔹Support & Resistance Levels:
- Support Zone: 1.8170 – 1.8200 (Key buying area)
- Resistance Levels:
- Immediate Resistance: 1.8277 (Recent price level)
- Major Target: 1.8493 (Target area from historical highs)
▪️Moving Averages & Trend Outlook:
- The 50-period EMA (red) is sloping downward, indicating short-term bearish pressure.
- The 200-period EMA (blue) is above the price, acting as dynamic resistance.
- If the price holds above the support zone, it could push toward 1.8330 - 1.8493 in the coming sessions.
▪️Trading Outlook:
- A bounce from the strong support zone could initiate a bullish move targeting the 1.8493 level.
- A break below 1.8170 could invalidate the bullish setup, leading to further downside.
- Confirmation of a reversal (e.g., bullish candlestick formations) would strengthen a long trade bias.
🔹Conclusion:
The EUR/NZD pair remains in a key decision zone. A bullish reversal from the support area could provide a strong upward move, while a breakdown may extend losses. Traders should watch for confirmation signals before entering positions.
😊Don't Forget To Hit The Like Button & Share Your Ideas In Comments.
