EURNZD WEEKLY ANALYSIS
- Price is seen retesting resistance turn support line since August 2013, this level is deemed a very strong support level.
- Using Murray Math Line, price currently sits at the Monthly -1/8 line, which is an overshoot level (very strong support and reversal zone), weekly 2/8 level (pivot reversal zone) and Daily 0/8 (ultimate reversal level).
- On candle formations, we see a doji cross and spinning bottoms on the weekly chart all indicative of a trend reversal.
EURNZD H4 ANALYSIS
- Complementing the analysis on the weekly is an inverted Head and Shoulder Chart pattern on the H4 chart (see chart below), we see price bouncing off the neckline on Friday and a breakout in the coming weeks could send price to the 1.51300 region.