EUR/NZD Double Top!

20 April 2021 | Updated: 20 April 2021

EUR/NZD is traded at 1.6746 after failing to close below an immediate downside target. The pair stands right above a strong support area.

Only a valid breakdown through this zone could change the sentiment and could bring a short opportunity.

The pair moves sideways in the short term, that’s why we have to wait for confirmation before taking action. EUR/NZD major downtrend remains intact after the rate has printed a double top reversal pattern.

EUR/NZD H4 Technical Analysis!

EUR/USD stands within an up channel in the short term. A valid breakdown and a new lower low could bring us a short opportunity.

It has developed a Double Top reversal pattern at the 61.8% retracement level signaling a downside movement.

The reversal pattern becomes valid after a drop and stabilization below 1.6667 static support. EUR/NZD increased a little after retesting the median line (ML) of the descending pitchfork.

Failing to escape from the up-channel invalidates the bearish scenario.

Conclusion!

Dropping and stabilizing below the median line (ML) and under 1.6667 could signal a deeper drop.

 

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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Olimpiu Tuns

Olimpiu Tuns graduated with a Master in Business Administration and is a seasoned Market Analyst / Trader / Trainer with 10 years of experience in the financial markets having expertise in Forex, Commodities, Index, Cryptocurrencies, and Stocks. He worked as a Market Analyst for three major brokerage companies, as a prop trader, and as a contributor/content creator for news portals and educational platforms.