EURNZD (4H) - medium term bullish bias
The euro broke above the pennant we discussed last time and carried on its way up with conviction. The faster moving average crossed above the slower one indicating accelerating momentum as the market chose its direction. We expect the price to rally to the previous high of 1.7610, and then to a new high should the offers get lifted. The area around 1.7450 and the averages could act as support in case of an over-bought situation.
Key support: 1.7450
Key resistance: 1.7610
The euro broke above the pennant we discussed last time and carried on its way up with conviction. The faster moving average crossed above the slower one indicating accelerating momentum as the market chose its direction. We expect the price to rally to the previous high of 1.7610, and then to a new high should the offers get lifted. The area around 1.7450 and the averages could act as support in case of an over-bought situation.
Key support: 1.7450
Key resistance: 1.7610