EURNZD Long-term sell. Can get ugly if this level breaks.
This is a EURNZD analysis on the 1W time-frame as our most recent one on 1D is fulfilling the projection we made on June 16:
The long-term pattern remains a Channel Down and our target the 1.5600 Support. Then we can consider buying near the Lower Lows (bottom) trend-line of the Channel with minimum risk and high return targeting the Internal Lower Highs (dashed) trend-line. The risk should be as minimal as possible as the slightest break below the Channel, would constitute an immediate sell signal and can open the way for a powerful sell-off.
The reason is the the 1W RSI Lower Highs pattern resembles that of mid 2020 which pushed the price down to the 1.618 Fibonacci extension on Feb 22 2021. That is now at 1.45000.
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The long-term pattern remains a Channel Down and our target the 1.5600 Support. Then we can consider buying near the Lower Lows (bottom) trend-line of the Channel with minimum risk and high return targeting the Internal Lower Highs (dashed) trend-line. The risk should be as minimal as possible as the slightest break below the Channel, would constitute an immediate sell signal and can open the way for a powerful sell-off.
The reason is the the 1W RSI Lower Highs pattern resembles that of mid 2020 which pushed the price down to the 1.618 Fibonacci extension on Feb 22 2021. That is now at 1.45000.
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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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