EUR/NZD: Trade ideas for August 28

Felipe Erazo

The EURNZD has found support on the level of 1.5714, which is below the 500 EMA, so the pair can have a bullish rebound above the 200 EMA (green line), where is located at the resistance level of 1.5788, where is also the 50.0 Fibo level in H1 chart.

If the EURUNZD can make a pullback at this level, it would be expected to fall again to the support level of 1.5724. On the other hand, if the EURNZD manages to make a breakout at the support level of 1.5697, it's expected to fall to the 1.5640 level, which would be a strong bearish consolidation. The RSI indicator is in neutral territory.

Trading recommendations: Put sell orders when the EURNZD does a breakout at the support level of 1.5714 with take profit at the level of 1.5640.

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