Price has flown higher after producing a counter-trend false break pin bar on the two day chart of the EURNZD. Whilst this Pin Bar was against the down-trend that has been in control of late, it made a clear false break of the recent and longer term support level.
After breaking through the high of the Pin Bar price gained momentum and flew higher into the near term resistance shown on the chart below. Price is now sitting just above the near term resistance level. This resistance could prove critical to what happens next in this market. If price holds and closes above this level we may see the next leg higher and what may be the start of a new short term up-trend.
EURNZD TWO DAY CHART | 17TH APRIL 2013