Hello everyone.
As we continue to monitor the majors, let’s take a look at the EUR/NZD.
We saw a nice movement up and then a retracement. The retracement came close to the 38.2% Fibo level but never hit it. It is now near the top and a little ways from the high of 11/25 (2.4080). If it strongly breaks this level, look for a potential upward movement.
Keep in mind there are a lot of risks trading this pair. This pair can move a lot in a short time frame and you could get caught on the wrong side, which will move against you very quickly. Also, keep in mind the spread on this pair is astronomical at best - sometimes as high as 25 pips and up, depending on who you trade through. So, you’ll really have to evaluate your Risk vs. Reward and your money management. Also, check for economic announcements that could affect this pair.
Good luck with trading and be sure to keep checking back on FX Street for the latest data and analysis on the upcoming NFP.
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