EURNZD has been nothing but indecisive with it's moves this week, relying on a news catalyst to finally makes it's direction today. Mixed opinions this week on whether we would see another rejection of 1.67 zone and descending trendline % 78.6% fib, or whether we would actually breakout from here and begin creating new higher highs. Unfortunately for the bulls, we had an additional sell off today.
What makes this pair interesting is because you can apply a fib both ways. The first way, being a bearish perspective, you can attach a fib from the recent swing high to swing low and see we rejection 78.6% and therefore our next target would be 1.6380. But what interests me is how we have been creating higher lowers on the higher TF.
Meaning you could attach a fib from the recent low to the recent high and also see we are comfortably sat at the 61.8% rejection of 1.6565.
Either way, EURNZD is at an interesting level to watch, a bounce here would potentially mean breaking out of the triangle we are trapped within. Whereas a break of this below, opens up targets for 1.6470 and 1.6420 and potentially 1.6380 (-127%) fib level.
What makes this pair interesting is because you can apply a fib both ways. The first way, being a bearish perspective, you can attach a fib from the recent swing high to swing low and see we rejection 78.6% and therefore our next target would be 1.6380. But what interests me is how we have been creating higher lowers on the higher TF.
Meaning you could attach a fib from the recent low to the recent high and also see we are comfortably sat at the 61.8% rejection of 1.6565.
Either way, EURNZD is at an interesting level to watch, a bounce here would potentially mean breaking out of the triangle we are trapped within. Whereas a break of this below, opens up targets for 1.6470 and 1.6420 and potentially 1.6380 (-127%) fib level.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.