EUR/NZD: Trade ideas for September 10
The EURNZD has consolidated its position above the 200 EMA with the formation of a bullish pattern, and now, this pair this finding dynamic resistance at the 500 EMA (Red Line) in the H1 chart. The EURNZD could conduct a pullback in that level, to continue strengthening the bearish trend in the short term.
On the other hand, the EURNZD could climb up to the resistance level of 1.5773, where is located the 78.6 Fibo retracement level, but it would that make a breakout at the resistance level of 1.5724 (61.8 Fibo retracement level) for rise until that level. The RSI is in overbought above the 70 level area, which could indicate that this pair could begin to be bearish movements soon.
Trading recommendations: Place sell orders at current levels with take profit at 1.5543 and stop loss at 1.5747.