EURNZD Potential Breakout or Reversal? | Technical Analysis 🚀🔄
The chart illustrates a key technical setup on the EURNZD pair with both bullish and bearish possibilities depending on price action near critical zones.
🔍 Technical Highlights:
Bearish Harmonic Pattern Completed 📉
A harmonic structure has formed and completed near the resistance zone (~1.9500), triggering a bearish move towards the target at 1.90688.
Major Resistance Zone 🔺
Marked between 1.9450 - 1.9500, where previous price action showed strong rejection (highlighted by the red arrow). This remains the key zone to break for further upside.
Support & Breakout Zone 🟦
The price bounced off the support zone around 1.9068 - 1.9100, aligning with trendline support and a previous structure level. This zone also aligns with the target of the bearish harmonic move.
Trendline Retest & Bullish Continuation Possibility 🔼
The price broke above the bearish leg and is now consolidating. If price closes above 1.9350-1.9400, a potential breakout toward the 1.9500 resistance zone is expected (blue arrow).
🔄 Scenarios to Watch:
✅ Bullish Case:
Break and hold above 1.9400
Target: 1.9500 Resistance Zone
Confirmation: Strong bullish candles with volume above current range
❌ Bearish Case:
Rejection at current level (near 1.9350-1.9400)
Target: 1.9068, the harmonic completion target and support zone
Confirmation: Bearish engulfing/rejection candle with trendline break
📌 Conclusion:
EURNZD is at a crucial decision point. Watch closely for a breakout above or rejection from the current price range to determine whether the pair will retest highs or complete the bearish target move.
The chart illustrates a key technical setup on the EURNZD pair with both bullish and bearish possibilities depending on price action near critical zones.
🔍 Technical Highlights:
Bearish Harmonic Pattern Completed 📉
A harmonic structure has formed and completed near the resistance zone (~1.9500), triggering a bearish move towards the target at 1.90688.
Major Resistance Zone 🔺
Marked between 1.9450 - 1.9500, where previous price action showed strong rejection (highlighted by the red arrow). This remains the key zone to break for further upside.
Support & Breakout Zone 🟦
The price bounced off the support zone around 1.9068 - 1.9100, aligning with trendline support and a previous structure level. This zone also aligns with the target of the bearish harmonic move.
Trendline Retest & Bullish Continuation Possibility 🔼
The price broke above the bearish leg and is now consolidating. If price closes above 1.9350-1.9400, a potential breakout toward the 1.9500 resistance zone is expected (blue arrow).
🔄 Scenarios to Watch:
✅ Bullish Case:
Break and hold above 1.9400
Target: 1.9500 Resistance Zone
Confirmation: Strong bullish candles with volume above current range
❌ Bearish Case:
Rejection at current level (near 1.9350-1.9400)
Target: 1.9068, the harmonic completion target and support zone
Confirmation: Bearish engulfing/rejection candle with trendline break
📌 Conclusion:
EURNZD is at a crucial decision point. Watch closely for a breakout above or rejection from the current price range to determine whether the pair will retest highs or complete the bearish target move.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.