7 Sep 2016

EUR/NZD - DOWNSIDE BREAK TRIGGERS TRIANGLE TARGETS

EUR/NZD DAILY

The rate has broken the symmetrical triangle formation from the set-up I mentioned last week (full set-up here)

This now opens up a way towards the 61.8% smaller triangle breakout target which coincides with the larger triangle 100% breakout target at around 1.4710.

If the rate can manage to break this level as well we may start looking at both triangles 161.8% targets in the 1.3700-1.3780 range.

A daily close back above 1.5270 would invalidate my immediate bearish bias for the pair.




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