EURNZD is stuck between a strong horizontal resistance and a rising trend line on a daily.
Depending on the reaction of the price to these structures, I see 2 potential scenarios:
📈If the price breaks and closes above 1.683 - 1.687 resistance,
I will expect a bullish continuation to 1.708.
📉If the price breaks and closes below a trend line,
I will expect a bearish move to 1.656 level.
From a current perspective, it feels like the probabilities are on bulls' side.
However, let's be patient.
EURNZD is stuck between a strong horizontal resistance and a rising trend line on a daily.
Depending on the reaction of the price to these structures, I see 2 potential scenarios:
📈If the price breaks and closes above 1.683 - 1.687 resistance,
I will expect a bullish continuation to 1.708.
📉If the price breaks and closes below a trend line,
I will expect a bearish move to 1.656 level.
From a current perspective, it feels like the probabilities are on bulls' side.
However, let's be patient.
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