Forex Opinion & Analysis

EUR/NZD: Channel Opportunity

Bearish:  Currently we are at 1.7694 in a channel.  We are looking to continue to the ATR target @ 1.7631 area with an outside target at the 1.000 Fibo @ 1.7593 area.  We have convergence in play for the short. Watch the USDX for direction. The average daily true range (ATR) for the pair is  85 pips per day and it’s 90 day average is 99 pips per day. USDX is currently threatening down.

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