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EURNZD Long Setup & Analysis
When we compare last week’s EUR and NZD COT Report, we can see that the EUR is dominating once again with its long contract positions. This week we saw another huge increase and for the near future we can expect the EUR to hold its strong upward momentum. This may lead the EUR/NZD pair to reach the psychological 2.0000 mark.
For more than 3 years now, price keeps respecting our weekly bottom trendline. It was broken twice, but demand pressure came not long after. This on the other hand lead to multiple attempts to reach the monthly supply zones near 1.80000 and 1.90000. The COVID-19 Pandemic pushed priced over the 1.90000 and it almost reached the 2.0000, but a rejection came right away, and we didn’t see a weekly close above 1.90000.
A few weeks ago, price reached the bottom trendline and it received support once again. From a technical and COT perspective, we have 1 possible scenario:
1. Price moving towards the 1.90000 area, where it aligns perfectly with the 0.618 Fibonacci level of the previous down wave. If we see a strong break above it, a move towards 2.00000 may take place. While price moves towards
the weekly critical zone, a couple of small corrections may happen.
Happy Trading!
For more than 3 years now, price keeps respecting our weekly bottom trendline. It was broken twice, but demand pressure came not long after. This on the other hand lead to multiple attempts to reach the monthly supply zones near 1.80000 and 1.90000. The COVID-19 Pandemic pushed priced over the 1.90000 and it almost reached the 2.0000, but a rejection came right away, and we didn’t see a weekly close above 1.90000.
A few weeks ago, price reached the bottom trendline and it received support once again. From a technical and COT perspective, we have 1 possible scenario:
1. Price moving towards the 1.90000 area, where it aligns perfectly with the 0.618 Fibonacci level of the previous down wave. If we see a strong break above it, a move towards 2.00000 may take place. While price moves towards
the weekly critical zone, a couple of small corrections may happen.
Happy Trading!
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