EW ANALYSIS: EURNZD Is Looking Higher; Inverted H&S pattern?!
Hello traders, let's talk about EURNZD!
EURNZD is looking good here with a nice bullish setup after a completed big corrective decline at 1.6290 level. There's also a clear inverted H&S pattern, which indicates a bullish reversal! So, EURNZD can be now consolidating within wave (ii), where ideal support would be around 61,8% Fibo. retracement, 1.6500 level and at that channel resistance line.
Technically speaking, if we get a bounce back above 1.6615 region, then it may start accelerating to the upside within wave iii). In case if goes more complex, invalidation level remains at 1.6290.
Trade smart and be humble!
Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
EURNZD is looking good here with a nice bullish setup after a completed big corrective decline at 1.6290 level. There's also a clear inverted H&S pattern, which indicates a bullish reversal! So, EURNZD can be now consolidating within wave (ii), where ideal support would be around 61,8% Fibo. retracement, 1.6500 level and at that channel resistance line.
Technically speaking, if we get a bounce back above 1.6615 region, then it may start accelerating to the upside within wave iii). In case if goes more complex, invalidation level remains at 1.6290.
Trade smart and be humble!
Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
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