From TradingView · · 1m 20s
EURNZD eyes the ceiling near 2.0160
A trader watches EURNZD climb off support toward a falling trendline that has turned price away before.
In brief
A trader watches EURNZD climb off support toward a falling trendline that has turned price away before. The 2.0120-2.0160 zone is where this trade proves itself or gets rejected again, so watch the reaction rather than assume the break. Originally reported by TradingView.
A falling ceiling on the chart
EURNZD keeps running into a descending resistance trendline. Price has been turned away from that line more than once already.
“EURNZD is showing a clear descending resistance trendline, with multiple previous rejections from this area.”
Support keeps holding
The 1.9550-1.9470 zone has caught price repeatedly. Buyers have shown up there often enough to make it the floor of this setup.
“price has repeatedly respected the major support zone”
The bounce is underway
Price is already moving up off that support area, which is why FXTradingAnalysis is positioned long rather than waiting for confirmation.
“is now moving higher from that area”
Target: 2.0120 to 2.0160
The call is for the rally to run into the descending trendline around 2.0120-2.0160. That band is the stated target for the move.
“Resistance/target: 2.0160-2.0120”
Watch what happens there
The trendline touch matters more than the trip to it. A break through opens new ground, another rejection sends price back toward 1.9550.
“This will be an important area to watch for the next reaction.”
A view, not advice
The author labels this a technical read on price structure, not a recommendation. TradingView posts carry no endorsement from the platform.
“This is my technical view, not financial advice.”
What matters most
The 2.0120-2.0160 zone is where this trade proves itself or gets rejected again, so watch the reaction rather than assume the break.
