EUR/NZD is forming a top

EUR/NZD is forming a top

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


Levels to trade EUR/USD

EUR/USD has turned up from the 50-day MA at 1.1715 yesterday. This is a sign that buyers are strong. Still, the short-term resistance line limits the upside at 1.1870.

EUR/USD looks ready for more downside

EUR/USD is supported around 1.1750. However, the pair has already fallen below the summer support line. We’ll view buy trades only when the pair returns above 1.1800.

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