As seen on the H4 chart, EURNZD formed a Head And Shoulders patterns. The neckline is located at 1.71000.
On the smaller chart timeframes, a bearish Butterfly Pattern completed. The pair may test 1.69860 – 1.69250 Fibonacci 38.20 and 61.80 retracements.
Those levels can be used as buying opportunities with the target 1.71000.
Break above the neckline will trigger the bullish move.
The target of the formation is 1.75000.
Before 1.75000, 1.72600 can be set as the first take profit level.
On the smaller chart timeframes, a bearish Butterfly Pattern completed. The pair may test 1.69860 – 1.69250 Fibonacci 38.20 and 61.80 retracements.
Those levels can be used as buying opportunities with the target 1.71000.
Break above the neckline will trigger the bullish move.
The target of the formation is 1.75000.
Before 1.75000, 1.72600 can be set as the first take profit level.
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