Abe Cofnas' Weekly Technical Outlook: EUR/NZD
- A brand new week has started, but what will it bring for the kiwi? Find out what Abe Cofnas has to say about it and what the charts indicate.
Market Forecasts for February 23th – February 27th
Euro to rebound off lows against kiwi
• Stop loss 1.4931
• Entry level 1.5161
• First Target to test at 1.5334
• Next targets to test at 1.5464
EUR/NZD Weekly Chart
EUR/NZD Daily
Technical Analysis
EUR/NZD pair as shown on the weekly chart has tested the support level and bounced with the retesting of the levels. The Fib levels clearly showing that price made a false break at the Fib level at 78.6, a key level for the retracement, with pin bar formation price action suggesting that the pair should see some upward bias and move price to our target at 1.5334 and 1.5464 if price breaks past our entry level at 1.5161
EUR/NZD Daily
Economic:
• German IFO business Climate, Final GDP, Unemployment change • ECB President Draghi's Speech • New Zealand Exports, Imports Trade Balance, Inflation
Areas of Interest:
• Break above the pin bar for confirmation • Pair to form a 123 reversal pattern • Look out for the Fib level at 50
This article is part of the Forex Magnates Community project. If you wish to become a guest contributor, please apply here: UGC Form.
Market Forecasts for February 23th – February 27th
Euro to rebound off lows against kiwi
• Stop loss 1.4931
• Entry level 1.5161
• First Target to test at 1.5334
• Next targets to test at 1.5464
EUR/NZD Weekly Chart
EUR/NZD Daily
Technical Analysis
EUR/NZD pair as shown on the weekly chart has tested the support level and bounced with the retesting of the levels. The Fib levels clearly showing that price made a false break at the Fib level at 78.6, a key level for the retracement, with pin bar formation price action suggesting that the pair should see some upward bias and move price to our target at 1.5334 and 1.5464 if price breaks past our entry level at 1.5161
EUR/NZD Daily
Economic:
• German IFO business Climate, Final GDP, Unemployment change • ECB President Draghi's Speech • New Zealand Exports, Imports Trade Balance, Inflation
Areas of Interest:
• Break above the pin bar for confirmation • Pair to form a 123 reversal pattern • Look out for the Fib level at 50
This article is part of the Forex Magnates Community project. If you wish to become a guest contributor, please apply here: UGC Form.