General Overview: EUR/NZD bulls back are again back on the track and trying to gain another attempt to catch breakout level. The bulls are again taking advantage to travel upside in the market. The profitable opportunity has been created up in the market and the market is traveling towards the buy-side in the market. The pair will be trading towards the upper side this time. Since moving the target to breakeven, the price did indeed drop to where the position would have otherwise been closed-out for a loss. Moving the target to breakeven meant preserving the balance of the account with appropriate risk management in or to trade another day. However, the bulls have not thrown in the towel and the price stabilized at familiar support before rising back to challenge the prior support which is now being tested as a resistance structure. A break of the resistance structure will take MACD above zero levels. The bulls are in the mood to take a ride on the market. The market creating bullish signals in the market.
Technical Analysis: From the technical point of view, we can say that market will move towards the sell-side in the market. They are creating bullish territory in the market and hence the market will be creating positive momentum in the market. EUR/NZD has been carving out a bullish pattern on both the weekly and daily time frames and the again following is a top-down analysis that illustrates the next swing trading opportunity in the market. Bulls are targeting the daily or intraday buyers in this system. the market will be on the strong bullish side. The market will be moved towards the buy-side in the market. The market will be creating a strong bullish side in the market and we suggest traders should move towards the upside movement in the market. on the daily chart, we can say price pattern will be move at the front foot and RSI will also supporting the market and move above 50 lines creating strong bullish signals and MACD will also above the zero lines and creating buy signal in the market. So according to the market moment, we predict the market will travel on the upside above resistance level 1.7348. odds are favoring of the bulls and creating a bullish side. The support level will be 1.7179 followed by 1.7105 and resistance will be 1.7416 followed by 1.7490.
Trade Idea: We can conclude that market will be support buyers and the buy level will be 1.7250 and the target will be 1.7351– 1.7432 and stop loss will be 1.7150.
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