Analysis for swing traders:
1.676 - 1.68 is a major former support going back to November 2017. This is a major shadow with many lines inside. EURNZD was resisted since the last 3 weeks. On top there is a 6-month range. All this calls for short.
Analysis for day traders:
Since EURNZD was stuck here for 3 weeks go for range play between current 2 shadows. Better strategy is to follow the short swing flow discussed above once it is established.
Notes: Technical Analysis states that previous turning points offer future potential support resistance zones.
1. Attach a horizontal line at each turning point in the past 12 months on weekly chart.
2. These lines leave a shadow.
3. Shadows are not evenly dispersed but tend to be clustered.
4. When multiple shadows confluence in a tight range, there is a dark shadow which will provide strong support resistance.
5. Look for dark shadow to offer next turning point.
6. Price will move quickly through empty spaces or bright areas.
1.676 - 1.68 is a major former support going back to November 2017. This is a major shadow with many lines inside. EURNZD was resisted since the last 3 weeks. On top there is a 6-month range. All this calls for short.
Analysis for day traders:
Since EURNZD was stuck here for 3 weeks go for range play between current 2 shadows. Better strategy is to follow the short swing flow discussed above once it is established.
Notes: Technical Analysis states that previous turning points offer future potential support resistance zones.
1. Attach a horizontal line at each turning point in the past 12 months on weekly chart.
2. These lines leave a shadow.
3. Shadows are not evenly dispersed but tend to be clustered.
4. When multiple shadows confluence in a tight range, there is a dark shadow which will provide strong support resistance.
5. Look for dark shadow to offer next turning point.
6. Price will move quickly through empty spaces or bright areas.
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