the EUR/NZD pair for potential retracements to former resistance-turned-support levels, indicating possible bounce areas. Resistance becoming support signifies a shift in market sentiment, with previous sellers turning into buyers. Additionally, the breakout zone, or "breaker block," might coincide with a demand area, suggesting strong buying interest and reinforcing the validity of the support level. Consequently, such retracement zones could be viewed as potential areas for bullish movements or trend continuation in the EUR/NZD pair.
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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.