EUR/NZD Deep Retracement For Fresh Buying

Technical analysis of Forex market

The EUR/NZD has formed a consolidation pattern around 88.6 fib, straight in the 78.6-88.6 trading zone.

The price might move straight from the zone towards D H3 – 1.7790 and W H3 -1.7819. Have in mind that a momentum push is needed above 1.7755 for the price to sustain its move higher. The price has already made a test of 78.6 – 1.7755 but failed to break it. However, a 1h candle close above next time should provide much needed bullish impulse.

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