Vladimir Ribakov analyzes EUR/NZD on weekly and 4-hour charts, identifying a bullish trend with three higher highs and higher lows. The pair broke above a descending trend line on the 4-hour chart, though pullbacks are likely before further upside.
Can Euro New Zealand push higher from here? Let's take a look on the charts. On the weekly chart, we see a clear bullish trend: three higher highs, higher lows, and the price pulls back. But at the end of the pullback, the price bounces off a strong support area—a resistance that was broken upside and now becomes a support—and holds this massive pullback. Four-hour chart breaks above the most recent falling trend line. And not just the breakout, but also bullish price action— 3 higher highs, higher lows— to hint the buyers are here. On the short term, pullbacks are very likely and very possible, but after the pullbacks happen, I believe the EUR/NZD has much more to offer to the upside. Share your thoughts in the comments.
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