EURNZD Analysis 10/05/2023
EURO / NEW ZELAND DOLLAR H4 Time Frame
Major Trend = Uptrend
Minor Trend = Downtrend
Nearest Support Area = 1.700100-1.70950
Nearest Resistance Area = 1.75130-1.75870
Overall Bias = Short
Short Term Target = 1.75130-1.75870
Ideal Target = 1.700100-1.70950
Invalidation Level = 1.78385
Notes :
EURNZD is still in an overall uptrend even though price did correct quite sharply since April 27th. Currently price is near its minor support level & around its EMA cluster which could be a level where buyers step in.
Our 1st Main & "Ideal" Scenario is the black paths where price is predicted to find support and make a short term rebound retesting its major resistance zone before continuing its correction lower with an ideal target around 1.700100-1.70950. This scenario will still be valid as long as price stays below 1.78385.
The 2nd "Worst Case" Scenario is the red paths where price does not get rejected off its major resistance zone but instead breaking above it and continuing higher to about 1.79845-1.80700.
Major Trend = Uptrend
Minor Trend = Downtrend
Nearest Support Area = 1.700100-1.70950
Nearest Resistance Area = 1.75130-1.75870
Overall Bias = Short
Short Term Target = 1.75130-1.75870
Ideal Target = 1.700100-1.70950
Invalidation Level = 1.78385
Notes :
EURNZD is still in an overall uptrend even though price did correct quite sharply since April 27th. Currently price is near its minor support level & around its EMA cluster which could be a level where buyers step in.
Our 1st Main & "Ideal" Scenario is the black paths where price is predicted to find support and make a short term rebound retesting its major resistance zone before continuing its correction lower with an ideal target around 1.700100-1.70950. This scenario will still be valid as long as price stays below 1.78385.
The 2nd "Worst Case" Scenario is the red paths where price does not get rejected off its major resistance zone but instead breaking above it and continuing higher to about 1.79845-1.80700.
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