Good day traders! After the all-time low back in April 2015, the EUR/NZD managed to retrace 0.382% of the previous massive decline and corrected lower afterward. A higher low then formed in February 2017 and price has since been grinding higher.
Using a long-term Schiff pitchfork shows that price has on numerous occasions found resistance at the center median line and it currently looks like the EUR/NZD will be drawn towards that line again.
The current upswing, that started on the 27th of December 2019 has already surpassed a 0.618% Fib retracement level and is approaching the upper red warning line of a shorter-term pitchfork as well as a 0.786% Fib retracement level.
If the EUR/NZD can reach the 1.7410 – 1.7495 price zone and correct lower, then we could be presented with an opportunity to go long and target last year’s high and center median line around 1.7700.
More updates to follow.
Bias: Bullish after a correction
Potential Resistance: 1.7410 – 1.7495
Potential Target: 1.7700
Until next time, happy and safe trading!