FX.co ★ EURNZD approaching 1st support, potential for a bounce!

Price is approaching 1st support, in line with 61.8% Fibonacci retracement , 161.8% Fibonacci extension and horizontal overlap support. We could see a bounce and further upside towards 1st resistance, in line with 61.8% Fibonacci retracement, 61.8% Fibonacci extension and horizontal pullback resistance. RSI is also showing signs of bullish pressure, in line with our analysis.

Trading Recommendation

Entry: 1.67693

Reason for Entry:

61.8% Fibonacci retracement , 161.8% Fibonacci extension and horizontal overlap support

Take Profit: 1.69044

Reason for Take Profit:

61.8% Fibonacci retracement, 61.8% Fibonacci extension and horizontal pullback resistance

Stop Loss: 1.66865

Reason for Stop Loss:

61.8% Fibonacci extension and horizontal swing low support