EUR/NZD: Trade ideas for August 11
In Friday's session, the EURNZD had a bullish spike above the 200 EMA, as this pair managed to rise to the resistance level of 1.5857. Now the EURNZD is trying to make a bearish retracement, which is likely to fall to the support level of 1.5793, where is located the 50.0 Fibo level.
If EURNZD manages to make a rebound at this level, it would be expected to rise again to the resistance level of 1.5857 and if the pair manages to make a breakout at that level, the next target would be the resistance level of 1.5920 in the short term. The CCI indicator is pointing downwards from the 100 level, which could indicate that the EURNZD could perform corrective movements soon.
Trading recommendations: Place buy orders when the EURNZD does a rebound at the support level of 1.5793, with take profit at the resistance level of 1.5870. Also, you can add long positions if this pair does a breakout at that level (1.5871), with take profit at 1.5920.