Nice and simple today, looking at the potential direction of the euro-NZD. I have drawn in the weekly support/resistance with a trend line starting at the past high from around September 2015. Price has been bouncing in slight consolidation since July this year and I am expecting a break VERY soon. We will either see a break of resistance, which could bring us movement towards 1.7; or just as, if not more likely, we could see a break of support. This would signal a drop back to 1.38-1.39 area. I personally trade the 4H and 1H charts, so, either way, this will no doubt bring some great opportunities to enter. We have recently saw some weakening in the NZD against the USD. Will this chart have the same effect? Time will tell.
