EUR/NZD Ascending Scallop Formed on Intraday Time Frame

2 min read
Nenad Kerkez

Nenad Kerkez

Head of Trading

The EUR/NZD has formed a bullish Ascending scallop pattern after a clear rejection from the supporting trendline. The pair is eyeing higher levels that could be reached after a retracement.

1.7200-1.7215 is the POC zone. We could see a spike towards 1.7240, 1.7270 and 1.7300 levels if the pair keeps the bullish momentum. However, D H4 acts as a support now and the price should ideally stay above 1.7180 for a positive momentum to persist. 4h close or 1h strong momentum above 1.7340 will probably spike the price towards target levels without a retracement to the POC zone.

EUR/NZD 1h TImeframe CAMMACD.mtf template

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