My bias on this is based more on my general bias regarding the pairs and I have technically analysed it the way. It might easily get defied and that’s also okay!
EurNzd Daily Chart
We saw price make a higher low at MM2 to continue its bullish run. A key level of resistance, 1.7200, is being tested once more for the second time this year. We had yesterday's candle, spinning top, showing how bulls are now losing interest and there's a potential for a change in direction. Usually I would look for reversal patterns on lower time frames after getting such a candle from higher time frames.
EurNzd H4 Chart
We saw price come off the central weekly pivot at the beginning of the week and reaching the most extreme weekly bullish target at WR3. The next eyed level of support is eyed at 1.705. Should price break beyond that to 1.69, a pull back to 1.700 would be another opportunity for a short.
EurNzd H1 Chart
A reversal pattern on a lower time frame at resistance. A retest at the neckline at the neckline for a more conservative entry.
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About The Forex Analyst
I just think to myself at times that hey young man, some of best the best days of your life haven't happened yet, and man what a wonderful feeling it is.