Happy Sunday Traders!
Matioga here with a potential setup for the week ahead: EUR/NZD
Let’s take a look at the H8 chart first:
So we have key monthly level at 1.6600 as well as key liquidity zone few pips below (the area for the spikes). So price rejected nicely monthly key level and pushed lower, so H8 looks like a good potential downside continuation.
H1 – currently stuck within the minor consolidation range. I would expect another quick push little higher inside the key liquidity zone ( like a small spike) before another downside swing.. but keep in mind if we manage to break below minor hourly structure that is marked on the chart, we might move lower from there as well. This setup would be invalidated if price closes back above monthly key level of 1.6600
Have a great Sunday!