During the last two weeks, the EURNZD has developed an upward movement which drove its price from 1.6529 to 1.69299. Find out with us what can be expected from this cross for the coming weeks.
The EURNZD cross is in a long-term corrective structure, which suggests more drops. We can observe that the price has breached the ascending trendline, potentially signalling the end of this upward movement.
Our prefered setup to activate the short position occurs if EURNZD breaks below 1.68576 and the next candle closes below this level. The potential target zone is between 1.6650 and 1.6591, and the invalidation level will happen if the price closes above the last high at 1.6935.
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Remember that the price is not forced to move as our outlook proposes. The chart released corresponds to an educational application of the Elliott Wave theory. Comments issued don’t represent an investment recommendation. Leveraged products are complex financial instruments and are not recommended for a certain type of traders. Losses can exceed deposits.