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Forex Fundamental Analysis

Wed,21 Dec 2016-   TechnicalAnalysis

The previous day high of the pair EURNZD was 1.50609 whereas previous day low of the pair was 1.49894. As evident from the previous price movement the pair is following an ascending order wedge pattern. As far as today’s analysis is concerned there is a high probability of the pair to follow the bearish trend. The best time to go for trade is when there is a bearish wedge breakout and to be more secure when price breaks the previous low then short trade opportunities can be availed by setting target profit at 1.48236 (strong support with reference to daily and hourly movement of candles) and further short trade can be followed if there is going to be bearish trend continuity but in case of pullback counter long term trade opportunities can be availed accordingly. News related to EUR: consumer confidence and Belgian NBB Business Climate is due today.

Aimen Tayyab

Financial Analyst