EURNZD

Four months of price moving bearish within a descending channel gives us strong indication of bear control. Price is approaching the upper trend line with indecision candles which is not a good sign of bullish momentum.

SUMMARY.

Watch for reversal candlestick formation at the channel’s resistance to confirm continuation of a down move. However, if price breaks out on the upside which is a likely scenario of channel breakouts, we follow price as usual.


Disclaimer: This analysis is for educational and general information only and not advice or a recommendation to trade or invest. Do your own research/analysis and don’t blindly enter trades based on the analysis.