FX.co ★ EURNZD approaching 1st support, potential for bounce!

Price is approaching 1st support, in line with 61.8% Fibonacci retracement, 100%, 127.2% Fibonacci extension and horizontal pullback support. We could see a bounce and further rise towards 1st resistance, in line with 61.8% 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: 1.69887

Reason for Entry:

61.8% Fibonacci retracement, 100%, 127.2% Fibonacci extension and horizontal pullback support

Take Profit: 1.70583

Reason for Take Profit:

61.8% Fibonacci extension and horizontal swing high resistance

Stop Loss: 1.69374

Reason for Stop Loss:

161.8% Fibonacci extension and horizontal swing low support