EURNZD on major support, prepare for a bounce

Published on: 2018-03-13 02:16 GMT

EURNZD is in major fractal support, strong possibility of a bounce occurring.

Buy above 1.6818. Stop loss at 1.6716. Take profit at 1.7094.

Reason for the trading strategy (technically):

Price is testing and has bounced off major support at 1.6818 (Fibonacci retracement, horizontal swiung low support, ascending support, bullish harmonic formation) and a strong bounce could occur at this level to push price all the way up to 1.7094 resistance (Fibonacci extension, horizontal swing high resistance). We do have to be wary of our intermediate resistance at 1.6973 (Fibonacci retracement, horizontal pullback resistance).

Stochastic (89,5,3) is seeing strong support above 1.1% where a corresponding bounce could occur.