Home Technical Analysis EURNZD to re-experience 1.4550 boundaries
EURNZD to re-experience 1.4550 boundaries

EURNZD to re-experience 1.4550 boundaries

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After placing the significant trough of 1.3865, the EURNZD pair has been able to recover strongly, achieving consecutive daily closings above SMA20 as seen on the provided daily graph.

eurnzd-29-04-top

The lower line of Bollinger bands has offered a good support for the EURNZD pair, assisting traders to send prices higher since April22.

RSI14 drew a positive divergence and it is currently stabilizing above the value of 50.00, reinforcing the constructive bullish outlook.

Eyes are now on 1.4390- high recorded on April24- and a break of which will be a very positive technical catalyst.

The initial resistance zones of 1.4550 represents the technical objective of the recent recovery with lack of resistances above 1.4390.

Support 1.4190 1.4000 1.3865
Resistance 1.4390 1.4550 1.4775

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Amir El-Araby Co-Founder & Chief Global Strategist at FxComment.com, with 17 years’ experience in the technical analysis studies for FOREX, Commodities and Indices. Amir El-Araby worked as a mentor for many companies and institutes, where he presented new methods for trading in the financial market. Amir is a member of ESTA (Egyptian Society of Technical Analysts). Amir is also the official partner of Harmonic Trader (Mr Scott Carney) and the official instructor of harmonic trader association for Arab countries.

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