EUR/NZD: Our expectations: Mid-term uptrend movement, retracement to levels of horizontal and diagonal supports where we expect a new long. If price remains in the bullish price channel then the movement is likely to continue on the uptrend.
Alternative scenario: If the price goes below the 1.5900 support, it is possible for the price to give us a signal for a new downward movement.
Comment: The bullish trend remains after the euro remains strong and supported by fundamental expectations for ECB action to reduce incentives/QE to the economy.
50/200 SMA in bullish formation
DeM(14) indicator is in a oversold zone and turns up backing our expectations for a possible new long.
Senan Fuchedzhiev - Trader
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