Forex forecast / EUR/NZD / Our expectations
The price moved in middle-term upward trend, higher bottoms and tops. Short-term consolidation as the price now is at the bottom part of the channel. Price action signal: Engulfing candle at levels of horizontal and diagonal support. The price is above SMA 200 which means that the bulls are still in control of the situation. Technical indicator: CCI(50) - passing over level -100 from zone of oversold - positive signal.
Alternative scenario: If the price breaks below SMA 200, the positive scenario will be dismissed and we will see larger correction.
SL: 1.7050
Trader Bozhidar Arabadzhiev
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