EURNZD had a 4 day streak of downward tendency but it hit a major support level.
It has closed below a long standing trend line coming from May on the daily (and lower time frames of course - orange trend line) but I am not convinced it will close below it on the weekly. In fact, if this is a false break on the weekly, it will then potentially go up quite strongly.
I will play it in two parts. Just opened a small position to navigate price until next resistance level around 1.7694. If the price goes back above the May trend line it will likely retest it as support. This will be my signal to add to the position for a move to higher levels. I will update info here as price action tells us what to do.
It has closed below a long standing trend line coming from May on the daily (and lower time frames of course - orange trend line) but I am not convinced it will close below it on the weekly. In fact, if this is a false break on the weekly, it will then potentially go up quite strongly.
I will play it in two parts. Just opened a small position to navigate price until next resistance level around 1.7694. If the price goes back above the May trend line it will likely retest it as support. This will be my signal to add to the position for a move to higher levels. I will update info here as price action tells us what to do.