EURNZD bullish pin bar rejection formation creates higher low

November 15, 2013 in Forex Analysis

eurnzd

This week we’ve been starved of high quality signals as most markets have been hanging around in ‘unfavorable trade zones’. A lot of activity on the New Zealand dollar last session, a bearish rejection candle forming on the NZDUSD major at the New York close and the EURNZD chart also formed a rejection candle signaling higher prices.

EURNZD seems to be stepping upwards here off the recent support level and is now printing higher lows. A bullish rejection candle formed last session as moves lower were rejected aggressively. This bullish pin bar rejection candle signal could prompt a further bullish response from the market and potentially see the next move to the high side.

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