EUR/NZD Price Analysis: Bullis in charge although downside remains compelling

EUR/NZD has been making a case for a downside correction a swing trade basis, although there are longer-term prospects for higher levels and the bulls are still doing some leg work on the shorter-term outlook.

The daily chart shows that a correction is imminent to target a prior resistance structure.

The 4-hr remains bullish above structure. 

Monthly prospects for upside

Weekly bearish outlook

Daily structure target

Bears will target the tops of the extended W-formation, although bulls remain in control in shorter time frames. 

4HR time-frame offers strong demand area

There is the risk that the market moves higher prior to offering a shooting opportunity with good risk to reward.