The EUR/NZD has formed an ascending scallop pattern after both Type 1 and Type 2 trades straight from Weekly Camarilla Pivot
W Cm – weekly camarilla level supports the pair and as long as the EUR/NZD is above it, bulls should have the upper hand.
At this point we can see that price is trying to reach W H4/ D H5 – 1.7150 and we could see an initial rejection from the level.
However if the price makes a pullback to PIC 1.7072-88 we could see a bounce towards 1.7150. Strong daily or 4h close above 1.7150 could push the pair towards 0.7250 in upcoming days.
Only below 1.7015 bears can get in control.
Nenad Kerkez aka Tarantula FX