EUR/NZD is in a triangle

EUR/NZD is in a triangle

2019-11-11 • Updated

Trade ideas

SELL 1.7240; TP1 1.7170; TP2 1.7050; TP 1.7260

BUY 1.7455; TP 1.7550; SL 1.7435

EUR/NZD met resistance in the 1.7570 area, at the line connecting the 2019 highs. The pair failed to close near this level last week and went down to consolidate around 1.7325. On H4, we can see that the consolidation is taking the form of a triangle and that Awesome Oscillator got into the negative territory. The decline below 1.7250 (lower border, 50-period MA) will open the way down to 1.7170 (38.2% Fibo of the July-August advance) and 1.7050 (50% Fibo). 

The upper border of the triangle at 1.7430 likely provide resistance. Above it, the pair will have a chance to retest 1.7570, but only a break above this level can open the way to 1.7800. 

EURNZD.png

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