EURNZD is testing the strong support
On the weekly EURNZD chart, we can see that the pair has bounced off the downtrend long-term Andrew’s Pitchfork second channel half median line 1.7140. We saw a perfect bounce off this support and the pair seems to be going for the upside channel resistance retest 1.900 again. We are seeing a retest of the medium-term support uptrend line around 1.7600 and could witness a fierce bounce off it.
On a Daily chart, we can see that the EURNZD price action is within a medium-term uptrend Pitchfork channel and a strong upside support is 1.7580. A bounce of the uptrend support channel line will be perfect for the LONG trade entries. You could go LONG here with the stop loss BELOW 1.7550 to target 1.8000. A break above BELOW 1.7550 will invalidate the downside extesnion.
We have used the combination of the top-down trading analysis to get these key levels explained in the charts. To learn more about Andrews’s Pitchfork tool trading strategy register for education.
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