EURNZD Long Analysis

27 Mar 2021

Weekly

• Price found support and has been consolidating after a long downtrend.
  
  
  
• The previous weekly candlestick was a large bullish candle, which showed there was a significant amount of bullish pressure.
  
  
  Daily
• Price appear to have found support and formed a double bottom, which is a bullish candlestick pattern.
  
  
  
• After the formation of the double bottom, I am expecting price to make a retracement to test the neckline.
  
  
  
• The neckline also corresponds with the 50.0-61.8 Fibonacci level
  
  
  
• Here is where I will be looking to enter a long position.