The EUR/NZD daily chart may have put in a double bottom at the daily 61.8% Fib retracement level. Even though a double bottom may not be clear until we get past the 1.6275 level, if the pair hits a 3 day high above the 1.5910 level we could see a move back above 1.6000.
Blake Morrow
Chief Currency Strategist, Wizetrade
Hi Blake, why would you go long this pair when (from twitter) you are bearish Eur/Usd? Surely it can rally if the Kiwi drops hard, but wouldn’t another pair xxx/NZD rally harder?
The EUR/USD can still go down, but may go down “not as quickly” as the NZD/USD. Usually this is a result of risk aversion, but it is possible without it as well.
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