EUR/NZD T-89 Pattern Rejecting From Support

Dear Traders,

The EUR/NZD has formed a bullish breakout pattern that has broken above the trend line. A rejection from the POC zone could target higher levels.

1.6535-50 is the zone where we might see a bounce. The first target is 1.6562 followed by 1.6588 and 1.6602. However only a break above 1.6605 might lead the price towards 1.6640. As long as 1.6490 holds the price bulls should be safe. The EUR/NZD is more volatile pair than the EUR/USD so stops should be higher. If the price continues to ascend an emerging ascending scallop pattern may appear.

The analysis has been done with the CAMMACD.MTF template.

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Many green pips,
Nenad Kerkez aka Tarantula FX
Elite CurrenSea

This article was originally posted on FX Empire

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