EUR/NZD: buy targets - 1.8000 and 1.8270
By: Dmitriy Chernovolov
- EUR/NZD reversed from support zone
- Next buy targets - 1.8000 and 1.8270
EUR/NZD recently reversed up strongly from the support zone lying at the intersection of the support trendline of the daily up channel from April, the lower daily Bollinger Band, the support level 1.7500 and the 38.2% Fibonacci Correction of the previous sharp intermediate impulse wave (5) from the end of June. The upward reversal from this support zone created the daily Japanese candlesticks reversal pattern Bullish Engulfing (encircled on the daily EUR/NZD chart below).
EUR/NZD is likely to rise further toward the next buy target at the round resistance level 1.8000. If the pair breaks above this resistance level 1.8000 - EUR/NZD can then rise to the next buy target at 1.8270.