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EUR/NZD: The Bull’s run continues

EUR/NZD has been bullish in the daily chart. The price has been heading towards the North with good bullish momentum. It produced a hanging man yesterday. Intraday charts show that the price made a breakout at yesterday’s highest high. The price may come at the breakout level and make a bullish move. Let us now have a look at three vital charts of the pair.

Chart 1 EUR/NZD Daily Chart



The chart shows that the price had a bounce at the level of 1.73200 and produced a morning star. It has been heading towards the North with good bullish momentum. On its way, it produced two doji candles. The rest of the candles came out as bullish candles. Yesterday’s candle came out as a hanging man. The pair is trading above its highest high. Thus, the buyers may go long in the pair and push the price towards the North. The price may find its next resistance around 1.79800. It may consolidate around the level. A bullish breakout at the level may generate more bullish momentum and push the price towards the level of 1.82500.

Chart 2 EUR/NZD H4 Chart



The chart shows that the price has been heading towards the North with a moderate bullish momentum. It made a breakout at 1.78475 and consolidated around the level for a while. As of writing, the last candle has been bullish. If the candle comes out as a bullish engulfing candle, the buyers may go long in the pair and push the price towards the upside. It may find its next resistance around the level of 1.79400. On the other hand, if the price makes a bearish breakout at 1.78475, it may consolidate around the level before finding its next route.

Chart 3 EUR/NZD H1 Chart



The chart shows that the price produced a double bottom. At the second bounce, it produced a bullish engulfing candle and headed towards the North. It had a rejection at 1.78620 and made a bearish correction. The level of 1.78300 worked as a level of support and made a bullish breakout at 1.78620. The price may make a bearish correction. The buyers may wait for the price to make a bullish reversal at 1.78620 and go long from the level to get an excellent risk-reward. It may find its next resistance around 1.79250. On the contrary, if the level is breached, the price may find its next support around 1.78300.

All these three charts are bullish biased. Thus, the pair may end up producing another bullish candle in the daily chart today.

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Thursday, 06 Aug, 2020 / 6:40

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