Missed the double bottom breakout on EUR/NZD?
If you’re still bullish on this pair, you might have a chance to catch the rally on this pullback!
Check out these support levels where buyers might be looking to hop in.
EUR/NZD 1-hour Forex Chart by TV
I’m looking at this sweet retracement setup on the hourly chart of EUR/NZD, as the Fibonacci tool highlights the areas of interest.
In particular, I’ve got my eye on the 50% level since it lines up with the broken neckline of the double bottom chart pattern and is near the 1.7500 major psychological support.
A larger correction could still reach the 61.8% Fib just slightly above the 1.7400 mark, but this might be the line in the sand for a bullish pullback.
The 100 SMA is above the 200 SMA to suggest that support levels are more likely to hold than to break, so EUR/NZD might find its way back up to the swing high just past 1.7800 soon.
At the same time, Stochastic is already on the move up, so the pair could keep following suit until overbought conditions are met.
Just make sure you practice proper risk management and take the daily EUR/NZD volatility into account when trading this one!
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