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EUR/NZD: Bollinger Offering Support

Published 03/25/2015, 07:44 AM
Updated 07/09/2023, 06:31 AM

The daily chart of EUR/NZD pair shows that prices have been controlled by a descending channel after topping out in February 2015 at 1.5815.

Recently, the pair has met the lower line of this channel where Bollinger bands’® lower line has offered some kind of support pushing it to the upside.

EUR/NZD Daily Chart

A bullish long-legged Doji candlestick was formed after meeting the aforementioned support encouraging us to wait for further appreciation.

Actually, a positive divergence was formed on RSI14; that may assist traders to re-experience the upper line of the channel and they may extended their re-test to SMA20 areas.

The 1.4120 boundaries should protect any long positions.

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