After the second drop from 1.82, EurNzd started a range trading and consolidation just above 1.75 important support.
Yesterday's rise above consolidation's resistance was, in fact, a false break, that came to test the recently broken trend line and, after this test, the pair fell strongly under 1.75.
The violence of the drop could indicate that a genuine break under support will follow and in such an instance, the pair could drop to the next important level at 1.7
Also, looking at the daily posted chart, there is a Double top pattern with the measured target of 700 pips.
I'm bearish on this pair as long as 1.77 is intact.
Yesterday's rise above consolidation's resistance was, in fact, a false break, that came to test the recently broken trend line and, after this test, the pair fell strongly under 1.75.
The violence of the drop could indicate that a genuine break under support will follow and in such an instance, the pair could drop to the next important level at 1.7
Also, looking at the daily posted chart, there is a Double top pattern with the measured target of 700 pips.
I'm bearish on this pair as long as 1.77 is intact.
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Penafian
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📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
Penerbitan berkaitan
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.