EUR/NZD: Support pushing the price towards the upside
By Eaglefx On May 12, 2020 in Trend Alerts
EUR/NZD produced a bullish engulfing candle yesterday. Thus, intraday buyers may keep their eyes on the pair to go long. The price has been choppy on the H1 chart so far. However, the price may have found its double bottom support. Thus, it may head towards the North and offer a long entry to the buyers.
Chart 1 EUR/NZD H1 Chart
The H1 chart shows that the price upon finding its support made a strong bullish move yesterday. It had a rejection at 1.78500 yesterday and today as well. On the other hand, the level of 1.77650 has been working as a level of support. As of writing, the level produced a bullish inside bar at its last bounce. If the price heads towards the North and makes a bullish breakout at the level of resistance, the buyers may go long above 1.78500.
Trade Summary:
Entry: Buy above 1.78500
Stop Loss: Below 1.77650
Take Profit 1: 1.79080
Take Profit 2: 1.79435
Take Profit 3: 1.80000