EurNzd has all ingredients for a strong reversal

Dec 13, 2020

From 20 Oct 1.8 high, EurNzd dropped almost linearly 1000 pips. The pair found strong support at 1.7 zone and after a few days of consolidation broke the descending trend line and the first leg of correction come that let the price to 1.7300 zone. Now the pair is correcting this first leg up and a new one could start soon.
1.7 should be very well defended by bulls and my target for EurNzd is 1.75 in the medium term.
In the short term, 1.7050 is now support and a break above 1.7150 could accelerate gains to 1.7280 resistance.
In my opinion, dips should be bought and only a daily close under 1.70 would negate this scenario