Today is the first day of the new month and we must say this year is going at a rapid pace.
January was a very good month with plenty of trading opportunities which gave very nice percentage return. We hope to see the same through February.
So in this article post we will be looking at EUR/NZD.
The chart below is the 4 Hour timeframe where you should be able to see that price is forming nice lower highs and lower lows. Price within this week has shown a break below the 1.66150 support area however is yet to show a retest.
We will be watching this pair through today and next week for a potential retest of the 1.66150 support for a short position. It is key to also note that the 20EMA also aligns with the 1.66150 support and therefore price could show a 20EMA rejection as well.
If we are able to take a short position then we will look for price to achieve the next support at 1.64240.
Please remember this is our view and you should always trade alongside your own analysis.
Wish you all the best for today and enjoy the weekend.
James at Technical FX39