EURNZD May Struggle At 1.70

  • by Ihab Maximous
  • January 22, 2019, 14:27 AM
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The EURNZD pair is moving in uptrend on the one-hour time frame but most probably the pair will not continue its Bullish direction for many reasons.

By examining the one-hour chart of EURNZD, we can observe that the pair is near resistance of Potential Reversal Zone of Gartley pattern.

Also, the RSI indicator is heading towards overbought areas, indicating the weakness in the upside direction and giving an additional confirmation sign.

So, we are predicting the pair will target 1.6750 as a first target and then 1.6700 as a second target. 

Ihab Maximous

A stock market expert and technical analyst based on Elliott waves. He is the first to receive a certified Elliott wave Analyst certificate from Elliot Wave International website, a member of the American Association of Capital Market Experts. He is a member of the Egyptian Association of Analytical Analysts.

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