The EURNZD pair experienced a significant bullish rally last Friday, breaking above the 1.8880 resistance level of its ascending channel and reaching 1.9050. This sharp upward movement marked a substantial gain, with the pair now consolidating as the stochastic indicator attempts to exit overbought territory.
Despite the current sideways fluctuation, the outlook remains bullish, with expectations of renewed upward momentum. If the pair gathers additional strength, it could target new resistance levels at 1.9090, followed by a potential rise toward 1.9230.
However, a decline below the breached resistance at 1.8880 could delay the bullish trajectory, triggering a temporary correction before resuming the upward movement.
Expected Trading Range for Today:
Support: 1.8900
Resistance: 1.9100
Trend Forecast: Bullish
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