EUR/NZD is currently trading near a key support zone around 0.8290, aligning with a strong demand area and potential Fibonacci retracement level. The pair has shown signs of exhaustion on the downside, with buyers stepping in to defend this level.
Fundamentally, the Euro remains supported by a stable economic outlook, while the New Zealand Dollar faces pressure due to risk-off sentiment and dovish RBNZ expectations.
Technically, the 0.8290 level is a confluence of previous support and a potential reversal zone, making it a favorable entry point. If the pair sustains above this level, we anticipate a bullish move towards the 0.8440 resistance zone, where previous price action suggests profit-taking may occur.
Trade Setup:
📍 Entry: Buy near 0.8290
🎯 Target: 0.8440
📉 Stop-loss: Below 0.8250 (adjust based on risk appetite)
A break above 0.8340 could add further bullish momentum, confirming the reversal. Monitor price action closely for confirmations like bullish candlestick patterns or trendline breakouts.
Risk Disclaimer: Always manage risk appropriately and use stop-loss orders. This is not financial advice—conduct your own analysis before trading.
Fundamentally, the Euro remains supported by a stable economic outlook, while the New Zealand Dollar faces pressure due to risk-off sentiment and dovish RBNZ expectations.
Technically, the 0.8290 level is a confluence of previous support and a potential reversal zone, making it a favorable entry point. If the pair sustains above this level, we anticipate a bullish move towards the 0.8440 resistance zone, where previous price action suggests profit-taking may occur.
Trade Setup:
📍 Entry: Buy near 0.8290
🎯 Target: 0.8440
📉 Stop-loss: Below 0.8250 (adjust based on risk appetite)
A break above 0.8340 could add further bullish momentum, confirming the reversal. Monitor price action closely for confirmations like bullish candlestick patterns or trendline breakouts.
Risk Disclaimer: Always manage risk appropriately and use stop-loss orders. This is not financial advice—conduct your own analysis before trading.
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.
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.