Weekly Technical Analysis Report 31 August – EURUSD played out nicely, pullback on EURNZD presents an opportunity to sell

Weekly Technical Analysis Report 31 August – EURUSD played out nicely, pullback on EURNZD presents an opportunity to sell

1. Last week’s outlook on EURUSD: Bearish play seen

Looking at the H1 and M30 time frames, prices remain under pressure, with a break and re-test of its ascending trend line which lines up with the resistance zone and 78.6% Fibonacci retracement at 1.1750 area. We could see a further downside below this resistance area to test our support target at 1.1730 area, in line with the graphical low. A break below this support zone opens room for further downside on EURUSD.

EURUSD Charts (Note: Coloured candles represent our projection)
Before:

After:

Chart: https://www.tradingview.com/chart/EURUSD/Rms9topX-Outlook-on-EURUSD-Bearish-play-seen/

 

2. This week’s outlook on EURNZD: Pullback presents an opportunity to sell

On the monthly time frame, EURNZD remains under pressure with a breakout and re-test of its previous ascending support line. Looking at the H2 time frame, prices remain under pressure, holding well below its resistance zone at 1.69500 area, in line with the 50% Fibonacci retracement. A pullback to test this area presents an opportunity to play the drop to the next support target at 1.6650 support zone .

Outlook on EURNZD: Pullback presents an opportunity to sell by Salzworth on TradingView.com