Price action traders may also wish to note that we see a pin bar candlestick pattern on eurnzd.
The closest is the 20 day average, which is 49 pips away.
As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa.
As for the rationale, technical traders seem to be citing the appearance of demand zone technical patterns.
The clearest trend exists on the 30 day timeframe, which shows price moving up over that time.
The closest is the 100 day average, which is 19.9 pips away.
And for candlestick traders, a special treat: there is a doji pattern showing up on the charts as well.
This move is a reversal from the hour prior, which saw price move up.
Our 1st buy liimit is placed at 1.6850 (with a 1% risk position size)our 2nd buy liimit is placed at 1.6800 (with a 1% risk position size), totaling a 2% risk, should both positions get filed.
The closest is the 200 day average, which is 163.1 pips away.