EUR/NZD: Trade ideas for July 25
By Felipe Erazo
The EURNZD had a bullish momentum above the support level of 1.5461, which has led to this pair to consolidate above the 500 EMA. Now the EURNZD is trying to form a bullish pattern below the resistance level of 1.5725. However, it is very likely that this pair start to make a retracement to the 50.0 Fibo level (1.5593).
If EURNZD manages to find support above that level, it would be expected to make a rebound and go up to the resistance level of 1.5725, where the pair would have to make a breakout to climb to the next resistance level of 1.5800 on the H1 chart. The CCI indicator has shown a bullish divergence, making it more likely that the pair make a retracement soon.
Trading recommendations: Place buy orders when the EURNZD does a rebound at the support level of 1.5593, with take profit at the resistance level of 1.5725. Also, you can place buy orders if the pair does a breakout at the resistance level of 1.5725, with take profit at 1.5800.