Either a rebound or a breakout imminent on EUR/NZD

Summary: EUR/NZD is quickly approaching the support line of a Rising Wedge. We expect either a breakout through this line or a rebound.

Analysis: EUR/NZD is heading towards the support line of a Rising Wedge. If this movement continues, we expect the price of EUR/NZD to test 1.7457 within the next 6 hours. But don’t be so quick to trade, it has tested this line numerous times in the past, so this movement could be short-lived and end up rebounding just like it did in the past.

Disclaimer: Losses can exceed deposits.

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