LDForex_

EURNZD- Possible Bullish Reversal at 23.6 Fib Level!

Long
FX:EURNZD   Euro / New Zealand Dollar
- Price has broken the descending channel and we could potentially see a reversal of the resistance which is in confluence with my demand zone .
-Another confluence is that the 23.6 fib level lines up perfectly with the demand zone which could indicate that price will most likely reach the level and the bulls will be in control of the pair.
-The 50 EMA is above price which suggests bullish momentum.
-Very good opportunity to buy this pair but have to be patient on how price will react when it gets to the zone.
Order cancelled: Price did not retrace from the 23.6% fib level as it was breakout and it now reached the 61.8% level which price is currently consolidating on.

Comments

the price just broke through the last support so do you still think it will be bullish
+1 Reply
LDForex_ joeljoji10
@joeljoji10, Looking at price action, it shows that it was a false breakout which suggests that there is strong bearish momentum for this pair. But I am still interested to see how price will move during the week. Maybe we could see a reversal on the 61.8% level...Lets see what happens!
+1 Reply
joeljoji10 LDForex_
@LDForex_, it droped to the last support and now its retracing if it breaks through the support now I think it will drop to at least 1.78800. But oh well lets see what happens
+2 Reply
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