Good morning Traders!
In yesterday’s blog I’ve mentioned a short scenario that I am currently stalking on EURCAD, but if we’ll see bullish momentum returning to the Euro, then my attention will turn to EURNZD.
EURNZD: Mercado en alza, nivel objetivo: 1.7840.
This market is still in an uptrend on the Monthly and on the Weekly timeframes (however, if this weeks’ candle will close bearish it will be confirming a Lower High on the Weekly chart), and the level of 1.7840 is the one I am eyeing.
On the way down, as the market was pulling back, this level was tested, and then when the buyers came back to this market, they were able to push the price from a Daily Lower Low all the way up to a Daily Higher High, but at this level, they have met with sellers, printing another precise touch on this level.
If the buying momentum will return to this market, and price will have another attempt at this level, preferably with compression of price, then I’ll be looking for a potential break of this level. However, if the market will break through this level without compression of price, then I’ll be looking for a retest from above of this level, as long as the break was strong, and the market has closed decisively above this level.
Happy Trading!
