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New Zealand Dollar/Euro

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NZDEUR trade ideas

EURNZD Bullish Move has started**Monthly Chart** EURNZD is moving into a range between High 1.8400 and low 1.73800 from June 2023 till date (almost a year). Last month, the candle closed as a strong bearish engulfing candle suggesting a turn or a move back to the support area. This month's candle which will be closed by the end of this week opened lower and is currently testing the demand zone. **Weekly Chart** Last week’s candle closed bullish after swiping the liquidity of Feb 2024 swing low and then coil around the demand zone, which suggests bullish moves in the upcoming weeks. **Daily Chart** At the break of the last daily candle high we will be looking for a buy entry on lower timeframes to take this pair at least towards 1.7700 level and then 1.7850 level.
Long
by PropSignals
EUR/NZD Near Resistance: Pullback Expected!!Fundametnal Analysis: OANDA:EURNZD New Zealand's higher interest rate of 5.5% is likely to attract more foreign investment compared to the Euro Area's 4.25%. Additionally, New Zealand's lower unemployment rate of 4.3% indicates a stronger labor market compared to the Euro Area's 6.4%. While the Euro Area benefits from a substantial trade surplus (EUR 13,888 million), New Zealand's positive trade balance (NZD 204 million) combined with higher interest rates and lower unemployment provide significant support for the NZD. Despite both regions facing economic challenges such as contracting manufacturing sectors and negative consumer confidence, the overall strength of the NZD is reinforced by these favorable economic conditions. Technical Analysis : OANDA:EURNZD pair is currently trading around 1.81500, close to the resistance level marked by the Previous Month High (PMH). The recent bullish trend has propelled the price from approximately 1.76232 to its current level. If the price fails to break above the resistance at 1.81126, a pullback is likely, with potential support at 1.79373 (TP1) and 1.78335 (TP2). A further decline could see the pair testing the lower support at 1.76232 (PML). Conversely, a sustained break above 1.81500 would indicate continued bullish strength. Traders should watch for reversal signals near the resistance level to identify potential short opportunities targeting the support levels. Targets: 1.79373, 1.78335
Short
by rTrader_official
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