EURNZD Sell opportunity
The EURNZD pair eventually entered its bullish zone as outlined by our last analysis in April:
The price is now high enough within the Channel Down to justify a medium-term sell as not only did it come too close to the Lower Highs (top) trend-line but the 1D RSI is on Lower Highs after hitting the overbought level of 70.00. On top of that, a 1D Golden Cross is emerging (when the 1D MA50 crosses above the 1D MA200), which even though it is a technically bullish formation, last time it marked a 2 month bearish sequence. Target: previous Low at 1.5600.
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The price is now high enough within the Channel Down to justify a medium-term sell as not only did it come too close to the Lower Highs (top) trend-line but the 1D RSI is on Lower Highs after hitting the overbought level of 70.00. On top of that, a 1D Golden Cross is emerging (when the 1D MA50 crosses above the 1D MA200), which even though it is a technically bullish formation, last time it marked a 2 month bearish sequence. Target: previous Low at 1.5600.
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** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. **
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