Abe Cofnas' Weekly Technical Outlook: EUR/NZD

Market Forecasts for February 23th – February 27th

Euro to rebound off lows against kiwi

• Stop loss 1.4931

• Entry level 1.5161

• First Target to test at 1.5334

• Next targets to test at 1.5464

Technical Analysis

EUR/NZD pair as shown on the weekly chart has tested the support level and bounced with the retesting of the levels. The Fib levels clearly showing that price made a false break at the Fib level at 78.6, a key level for the retracement, with pin bar formation price action suggesting that the pair should see some upward bias and move price to our target at 1.5334 and 1.5464 if price breaks past our entry level at 1.5161

Economic:

• German IFO business Climate, Final GDP, Unemployment change • ECB President Draghi's Speech • New Zealand Exports, Imports Trade Balance, Inflation

Areas of Interest:

• Break above the pin bar for confirmation • Pair to form a 123 reversal pattern • Look out for the Fib level at 50

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