Facts:
The pair bounced off the key support zone between 1.9290 – 1.9270
EURNZD is trading in an upward move form 10th of June
Recommendation:
Trade: Long position on EURNZD at market price
Target: 1.9374, 1.9470
Stop: 1.9260
Opinion: EURNZD reached the key technical support zone between 1.9290 – 1.9270. The price bounced off the lower limit of 1:1 structure, signalling that the short-term trend remains upward. The aforementioned support is also a result of previous price reactions, as well as 100-period moving average from H1 interval. According to the Overbalance methodology, as long as the price sits above, the main trend remains upward. We recommend going long EURJPY at market price with two targets: 1.9374 and 1.9470. We also recommend placing a stop loss order at 1.9260. Source: xStation5
