Nick Nasad
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EUR/NZD - Will Pair Target 1.71?

When scanning the marekts its always good to take a look at the strongest performer of the day (today its the EUR) against the weakest performer (today it seems to be the AUD and NZD).

  • While the EUR/AUD pair is also interesting, let's analyze the EUR/NZD here.
  • Mainly, we are seeing what seems to be the initial burst in a continuation pattern after a 2-week period in which we had small candles which look like consolidation.
  • However, for this to be a continuation, we need the pair the clear its highs from the end of November at 1.6850.
  •  If its able to, we can see that there's pretty much "open space" until the psychologically important whole number of 1.70, and then beyond to key pivots at 1.7110 and 1.7245.
  • I'm not even that sure what has gotten into the EUR from a macro perspective, but will just follow the momentum at this point, and see if the EUR can keep it up and the bullish side seems like the higher probability scenario.