EURNZD - Price action bottoming out in the short term?
EURNZD is Bullish - We look to Buy at 1.7865
▪️ Continued downward momentum from 1.8263 resulted in the pair posting net daily losses yesterday.
▪️ Negative overnight flows lead to an expectation of a weaker open this morning.
▪️ We have a 61.8% Fibonacci pullback level of 1.7854 from 1.7601 to 1.8263.
▪️ Further upside is expected although we prefer to set longs at our bespoke support levels at 1.7865, resulting in improved risk/reward.
▪️ Expect trading to remain mixed and volatile.
Stop: 1.7795
Target1: 1.8140
Target2: 1.8255
▪️ Continued downward momentum from 1.8263 resulted in the pair posting net daily losses yesterday.
▪️ Negative overnight flows lead to an expectation of a weaker open this morning.
▪️ We have a 61.8% Fibonacci pullback level of 1.7854 from 1.7601 to 1.8263.
▪️ Further upside is expected although we prefer to set longs at our bespoke support levels at 1.7865, resulting in improved risk/reward.
▪️ Expect trading to remain mixed and volatile.
Stop: 1.7795
Target1: 1.8140
Target2: 1.8255
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