EURNZD corrected last growth impulse, which led price to high at 1.6236. This pull back led price to support area between 1.5627 – 1.5680. Just above this support is line of canal parallel to the one drawn from high from April 28th this year.
This support line is tested by the wick of Outside Bar. It may indicate the end of correction and returning to bullish trend. In this scenario nearest resistance for bulls in growth towards the last high will be local resistance around 1.6020. Negation of Outside Bar formation will open way for further testing of support area between 1.5627 – 1.5680.
