EURNZD soars above 1.60 as anticipated, mange your trading desk!
In the previous technical analysis for the EURNZD pair, we have suggested upside move based on the possibility of completing inverse head and shoulders pattern.
The RPNZ has assisted us after cutting interest rate to 3.25% surprisingly ad thus, prices have soared above the psychological level of 1.60 despite the exhaustion signs appearing on technical indicators.
It is better now to close 50% of our previous explained buy position and keep the remaining quantity. Moving the stop loss to the entry point at 1.5575 is a very good decision after booking more than 450 pips as a profit.