Eurnzdtrade
EurNzd- To resume its downtrend?The trend for EurNzd is clearly down and after correcting and confirming 1.7 as strong resistance (twice) the pair started to roll back to interim 1.6650 support
A break here would also confirm a double top formation and give scope to a retest of 1.6350 low.
Rallies should be sold and only a clear break above 1.7 would negate this bearish scenario
EurNzd- Down continuation?After February's low around 1.6350, EurNzd recovered and reach, as I expected, 1.7 resistance.
A double top was formed here signaling that the correction is over
Now the pair is under the ascending trend line and we can speculate that the downtrend has resumed
I expect a new drop to 1.6350 support and only a break above resistance (1.7) would negate my scenario
EUR/NZD - move to 1.7347⚡️Price reversal movement continues. I see one strong level 1.7347. Good pair for the medium term.
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P.S. I personally will open entry if the price will show it according to my strategy.
Always make your analysis before a trade
EURNZDEqual lows created on 14 Jan and 21 Jan on the 4hr time frame respectively has been taken out on 27 Jan. Price quickly moved away from its bearishness creating an order block in the 4hr time frame and also taking out the previous swing highs on the 22 Jan. As we can see on the chart, after price took out the previous swing high, it came back to retest our 4hr OB and our 1hr Support.