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Forex Fundamental Analysis

Mon,19 Dec 2016-   TechnicalAnalysis

The previous working day high of the pair EURNZD was 1.502 whereas previous working day low of the pair was 1.4777. The trend is showing an ascending order wedge pattern as evident from the screenshot of the pair so for today there is a high probability of bearish trend. The best time to go for trade is when there is a bearish wedge breakout then two target profits for short trade can be set: one at 1.4777, if there is still bearish trend continuity second target profit at 1.46804 (strong support level with reference to daily and hourly movement of candles) and further short trade opportunities can be availed if there is bearish trend continuity but in case of pullback counter long trade opportunities can be availed accordingly. News related to EUR: German Ifo business climate, German Buba monthly report are due today.

Aimen Tayyab

Financial Analyst