The EURNZD approached by its last bullish rally from the resistance of the bullish channel by hitting 2.04840 level, forcing it to form temporary bearish correction, affected by stochastic exit from the overbought level, activating the attempts of taking the profits by reaching 2.02425.

 

Note that the stability of the price within the bullish channel’s levels mainly by forming extra support at 2.01850 level, make us wait for gathering bullish momentum then begin forming strong bullish waves, to target 2.04185 level re205420 resistance, which forms the main target in the current period trading.

 

The expected trading range for today is between 2.02245 and 2.04285

 

Trend forecast: Bullish