EURNZD → Rising triangle on the background of a bullish trend

17. Nov. 2023

EURNZD is forming a bullish trend after breaking through the resistance of the descending channel. A bullish setup appears on the chart, which suggests medium-term growth.

On the background of EUR index strengthening, EURNZD currency pair forms an uptrend. Against this background, an ascending triangle appears on the chart, which can be interpreted as: the price advances to the limit resistance on the part of dynamic buyers. The closer the price is to the breakout area and the lower the volatility, the higher the chance of the breakout of this area.
From the point of view of technical analysis, we can assume the following: against the background of the uptrend and ascending triangle, the market is preparing to break through the resistance to continue the current trend. Trigger level: 1.8228. The rebound may occur from 1.8084.

Support levels: 1.8084, 1.7992
Resistance levels: 1.8228

I assume a small correction and continuation of the ascending triangle formation. The smaller will be the next pullback and the closer will be the price to the resistance, the higher is the chance of a breakout.

Regards R. Linda!