FX.co ★ EURNZD approaching ascending trendline support, potential for bounce!

Price is approaching 1st support, in line with 61.8% Fibonacci retracement, 78.6% Fibonacci extension, horizontal swing low support and ascending trendline support. We could see a bounce and further rise towards 1st resistance, in line with 61.8%, 127.2% Fibonacci extension and horizontal swing high resistance. RSI is also holding above the ascending trendline support, as well as price, showing signs of further bullish pressure.

Trading Recommendation

Entry: 1.69305

Reason for Entry:

61.8% Fibonacci retracement, 78.6% Fibonacci extension, horizontal swing low support and ascending trendline support

Take Profit: 1.70070

Reason for Take Profit:

61.8%, 127.2% Fibonacci extension and horizontal swing high resistance

Stop Loss: 1.68902

Reason for Stop Loss:

127.2% Fibonacci extension and horizontal swing low support