EURNZD Upper Boundary Breakout
There are two key levels to watch here.
Lower Upper Boundary: 1.62795
Higher Upper Boundary: 1.6307
1. EURNZD was in a massive downtrend and then stabilized.
2. Lower Upper Boundary has already been established at this point. Price showing upside potential by breaching this upper boundary.
3. This is another, very clean breach of the Lower Upper Boundary. The Higher Upper Boundary isn't really showing any signs of holding either.
4. This is where I think things get interesting. Price didn't push to new lows after reacting off of the Higher Upper Boundary.
What does this mean now?
I am still anticipating upside potential here. More specifically, a relative higher low is expected to form as price drifts lower. Once price stalls, I do anticipate both upper boundaries to breach for price to really take off.
Lower Upper Boundary: 1.62795
Higher Upper Boundary: 1.6307
1. EURNZD was in a massive downtrend and then stabilized.
2. Lower Upper Boundary has already been established at this point. Price showing upside potential by breaching this upper boundary.
3. This is another, very clean breach of the Lower Upper Boundary. The Higher Upper Boundary isn't really showing any signs of holding either.
4. This is where I think things get interesting. Price didn't push to new lows after reacting off of the Higher Upper Boundary.
What does this mean now?
I am still anticipating upside potential here. More specifically, a relative higher low is expected to form as price drifts lower. Once price stalls, I do anticipate both upper boundaries to breach for price to really take off.
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