EUR/NZD: Is it time to sell ?
December 22, 2021|The Forex Secret –The trading activity has decreased in the global forex market as the holiday season has started. As a result investors may face less trading activity with higher volatility. On the other hand Omicron is causing uncertainty in the forex market. Based on the current situation, we suggest the investors apply a safe and sound money management system to avoid loss as there is not enough liquidity in the forex market.
The EUR/NZD bears are active for the last few months and pushed the price lower. In the chart we can see that after a correction the current price of EUR/NZD is trading below the 1.6800 key level and above the 1.6600 key level with a bullish momentum. The above picture shows that the current histogram is bullish, however it’s losing momentum, which indicates a selling opportunity for this pair.
What We Can Expect from the EUR/NZD?
As per the above findings, we can expect that the bears will push the price lower towards the 1.6315 support level. However, any bullish break above the 1.6900 key level with daily closed candle may push the price higher towards the 1.7100 area, which may alter the market condition.