Technical analysis

EURNZD Analysis 06 November, 2020

EURNZD Analysis 06 November, 2020

• EURNZD reversed from support area

• Likely to rise to 1.7600                                                                                          

EURNZD recently reversed up from the support area lying between the key support level 1.7450 (which has been reversing the price from September) and the lower daily Bollinger Band.

The upward reversal from this support area will most likely create the daily candlesticks pattern Bullish Engulfing – strong bullish signal for EURNZD.

EURNZD is likely to rise further toward the next resistance level 1.7600 (former top of the previous ABC correction 2 from the start of November).

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