Harmonic pattern formed- Bullish cypher' pattern
Potential Reversal Zone (PRZ) - 1.6650
- EUR/NZD has made a low of 1.6750 and recovered from that level. Overall trend is bullish as long as support 1.6650 holds.
- Any break below 1.6750 will drag the pair further down till 1.6700/1.6660.
- Break below 1.6650 confirms trend reversal and decline till 1.6525 is possible.
- On the higher side minor resistance is around 1.6850 and break above would extend gains till 1.6950/1.7000.
It is good to buy at dips around 1.6725-30 with SL around 1.6650 for the TP of 1.6930
Resistance
R1- 1.6850
R2-1.6950
R3- 1.7000
Support
S1-1.6750
S2-1.6690
S3-1.6660
