EUR/NZD Our expectations: The upward trend is still in place, and the current adjustment gives us a good opportunity to take long positions after the bullish Price Action signal.
Alternative Scenario: If the price goes back below the support area and stays there in several successive bars, the positive scenario will be spoiled and more likely to see a depreciation in the euro.
Comment:
- Mid-term upward trend and adjustment
- Cost of horizontal and diagonal support
- Correction to 23.6% Fibonacci correction
- RSI (14) reverts to 50 - positive signal
- 50SMA over 200SMA - the trend is in effect
- Price Action: Rebound bullish bar at support levels - strong bullish signal
SL: 1.6625
Jr Trader Petar Milanov
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