EUR/NZD is testing a major downtrend line at 1.5775. A move above resistance at 1.5900 (red line) would suggest a bullish recovery is on the way.
Blake Morrow
Chief Currency Strategist, Wizetrade
Disclaimer: I have been long the EUR/NZD for more than 4 weeks.
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
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