EURNZD Neutral but watch these break-out levels

The EURNZD pair has been trading above the 1D MA50 (blue trend-line) since the April 25 rejection. The area within the 1.6365 Resistance and 1.5930 Support is a Neutral Zone and traders can take advantage of it by scalping for as long as the price remains within.

A break above the 0.5 Fibonacci retracement level will be bullish towards the 0.618 Fib and the 0.786 in extension (1.6701 and 1.7000 respectively), while a break below the 1.5930 Support will be bearish towards th 1.56000 low of April 05.



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