EUR/NZD Pending Breakout
Markets

EUR/NZD Pending Breakout

DailyFX.com -

Market Condition: EUR/NZD Pending Breakout

Bullish Target: ______ 1.5742

Bearish Target: ______ 1.4908

EUR/NZD, Daily Chart with Range

EUR/NZD Pending Breakout

( Created Using IG Charts )

The EUR/NZD is trading in a 278 pip range as seen in the daily chart above. Resistance for the range is found at the March 27 th high at a price of 1.5464. Alternatively support is found at the March 31 st low of 1.5186. Traders may plan for a breakout in the EUR/NZD by setting entry orders to buy the market above resistance, and orders to sell the market below support. This way traders will be prepared for a breakout in either direction when the consolidating range concludes.

Upon a breakout, traders may consider using a 1X extension of the 278 pip range to find both bullish and bearish profit targets. This places initial bullish targets at 1.5742, and bearish targets at 1.4908. Traders may also consider managing risk at the center of the identified range. Using this methodology, breakout traders may create a 1:2 risk/reward ratio.

--- Written by Walker, Analyst for DailyFX.com

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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