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FX.co ★ EURNZD bullish breakout, potential for further upside!

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Forex Analysis:::2021-06-22T10:11:02

EURNZD bullish breakout, potential for further upside!

EURNZD bullish breakout, potential for further upside!

Price has just seen a bullish breakout from descending trendline resistance-turned-support, and is now holding above both the ascending trendline and moving average support. We could potentially see further upside above 1st support, in line with 78.6% Fibonacci retracement, horizontal pullback support and moving average support, towards 1st resistance, in line with 127.2% Fibonacci extension and horizontal swing high resistance.

Trading Recommendation

Entry: 1.70571

Reason for Entry:

78.6% Fibonacci retracement, horizontal pullback support and moving average support

Take Profit: 1.71244

Reason for Take Profit:

127.2% Fibonacci extension and horizontal swing high resistance

Stop Loss: 1.70186

Reason for Stop Loss:

50% Fibonacci retracement and horizontal swing low support

Analyst InstaForex
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