Market Condition: Breakout
Target 1: 50% Range Extension 1.7046
Target 2: 100% Range Extension 1.7281
Invalidation: 1.6612
EURNZD 1Day Chart
(Created using Marketscope 2.0 Charts)
The EURNZD has advanced as much as 2938 pips from its 2015 low at 1.3881. However, over the last four trading weeks, the pair has been trading in a 469 pip range. If resistance breaks, this could create new breakout trading opportunities back in the direction of the pair’s primary daily trend. Possible targets for a breakout include a 50% extension of the trading range at 1.0746 and a 100% extension at 1.7281.
Alternatively if prices fail to breakout, this suggests the continuation of the current range bound market conditions. This would open up the possibility of prices retracing to the range support at 1.6343.
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