EURNZD: The price BROKE the SECONDARY TRENDLINE
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🟢Forex Pair:
EUR/NZD
⚪Technical Analysis:
Since the 8th of February 2021, the price has been following its secondary trendline, breaking through its S/R zone at about 1.67700, reaching the secondary bearish trendline after few re-tests on the same level.
On the last two bounces we can see the price forming lower highs, that could be an interesting sign of weakness.
The price is currently re-testing the S/R zone and the main trendline.
🔴Conclusion:
I'm confident to see the price failing its attempt to break the S/R zone and falling down until the main support at about 1.66500.
In the daily chart, the last few days closed with a bearish pin bar could be a confirmation of an upcoming downtrend.
I'll be waiting for the breakout of the support zone at 1.67230 before planning my short position on this trade
Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!
⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️
Trade Safe and Responsibly,
Gianni
🟢Forex Pair:
EUR/NZD
⚪Technical Analysis:
Since the 8th of February 2021, the price has been following its secondary trendline, breaking through its S/R zone at about 1.67700, reaching the secondary bearish trendline after few re-tests on the same level.
On the last two bounces we can see the price forming lower highs, that could be an interesting sign of weakness.
The price is currently re-testing the S/R zone and the main trendline.
🔴Conclusion:
I'm confident to see the price failing its attempt to break the S/R zone and falling down until the main support at about 1.66500.
In the daily chart, the last few days closed with a bearish pin bar could be a confirmation of an upcoming downtrend.
I'll be waiting for the breakout of the support zone at 1.67230 before planning my short position on this trade
Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!
⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️
Trade Safe and Responsibly,
Gianni
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