EUR/NZD is forming a top

EUR/NZD is forming a top

2019-11-11 • Updated

Trade idea

SELL 1.7040; TP 1.6990; SL 1.7055

Last week it looked like EUR/NZD may test the uptrend which still remains strong. Now we are much more certain that the pair will test lower levels. Have a look at the bearish candlestick with a long upper wick formed on D1 - it’s sending a clear negative signal. Add the fact that on H4 we clearly see a lower high and a potential “Head and Shoulders” pattern. Indeed, 1.7200 is a hard resistance, so a pullback to the 1.70 area and maybe lower is likely.  

EURNZD 03.png

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