EURNZD : Bulls breaks downside trend side in market .

General overview:  The pair is making the movement towards the higher side in the market. We can see pair makes the strong bullish side in the market. The pair breaks key support level at 1.6767 and move towards the upside in the market.  The pair creates the bullish side towards the market. On the daily chart we can see that market breaks the pervious downtrend in the market and travel towards the upside in the market. The strong bullish candlesticks are formed in the market and make the market to look bullish in the market. EUR/NZD has been carving out a bullish pattern and giving bullish opportunity in the market and makes buyers more attracted towards the market.  The market is making movement towards buy side in the market and odds are favoring buy side in the market.

Technical overview: From the technical point of view we can say that market breaks it key support level and rise towards the buy side in the market. As idle cash looks to find a strong and secure yield, it is no wonder that the New Zealand Dollar has benefited from the current Euro-Zone crisis. NZD looks set to extend recent gains against the Euro, as the EUR/NZD exchange rate tracks firmly within the confines of a ascending Schiff Pitchfork. Bullish moving average stacking, in combination with the RSI travelling above its neutral midpoint. The market is travelling towards the buy side, as the major and minor EMA and SMA lines are also above the trading pair. The support will be 1.6700 followed by 1.6650 and resistance will be 1.6750 followed 1.6800.

Trade idea : According to above content we can say that traders move toward the sell side at level 1.6766 target will be 1.6700 followed 1.6650 and stop loss will be 1.6800

 



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