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EUR/NZD: Bullish engulfing candle is in play


EUR/NZD has been bullish in the daily chart. The pair found its resistance and produced a bullish inside bar. Yesterday, it created a bullish inside bar. The H1 chart shows that the price made a long bearish correction after establishing a moderate bullish move. The price seems to have found its support. If the level pushes the price towards the North, the buyers may go long above a significant level.

Chart 1 EUR/NZD H1 Chart

The chart shows that the price upon producing an ABC pattern headed towards the North. It had a rejection at 1.74375 and made a long bearish move. The level of 1.73825 seems to hold the price. The pair has produced a bullish engulfing candle; thus, the buyers may go long above the level of 1.74215. The price may head towards the level of 1.74745 with good bullish momentum, and it may consolidate around the level and go towards the level of 1.74985. Ideally, the buyers may take out a partial profit at 1.74745 and let the rest of the trade run to hit 1.74985.

Trade Summary:

Entry: Buy above 1.74215

Stop Loss: Below 1.73825

Take Profit 1: 1.74615

Take Profit 2: 1.74745

Take Profit 3: 1.74985

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