Daily Forex Update: EUR/NZD
AutoChartist | Apr 16, 2014 03:56AM ET
EUR/NZD continues to rise after the recent reversal from the lower support trendline of the Down Channel that was previously identified by Autochartist on the daily charts – as you can see from the following trade opportunity alert for this currency pair. EUR/NZD is expected to break out of this Down Channel and then to rise to the target level 1.6787 in the next 11 days. Autochartist set the stop-level for this forecast at 1.5803 (point A). This point formed recently when the price corrected up from the support zone lying between the 61.8% Fibonacci Correction of the preceding sharp upward impulse from April and the lower daily Bollinger Band.
The following weekly EUR/NZD chart shows the aforementioned support levels:
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