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EUR/NZD: Will the Triple top resistance make a new lower low?

EagleFX

EUR/NZD has been bearish on the daily chart for several days. Having a rejection at a triple top resistance, the pair produced a bearish inside bar and driving the price towards the South. Yesterday’s candle came out as a doji candle. The pair is trading below yesterday’s lowest low now. Thus, intraday sellers may look for short opportunities in the pair, which may end up producing a daily bearish candle.

Chart 1 EUR/NZD Daily Chart


The chart shows that the pair had rejection three times at the level of 1.82850. At the last rejection, the pair produced a bearish inside bar. Since then, the price has been heading towards the South. In the last three days, the pair has been trading within a range. The price has come out from the range and trading below the level of support as of writing. The sellers may go short in the pair and drive the pair towards the South with more bearish pressure. The price may find its next support around 1.76000.

Chart 2 EUR/NZD H4 Chart


The H4 chart shows that the price made a strong bearish move and made a breakout at 1.79700. The price had a bounce at 1.79700 and had a rejection at the flipped resistance at 1.79700. Upon producing a bearish engulfing candle, the price has been heading towards the South. It has made a breakout at 1.78550. The sellers may go short in the pair and drive the price towards the South further. The price may find its next support around 1.77000.

Chart 3 EUR/NZD H1 Chart


The chart shows that the price has been bearish for a long time. At the last move, it made a breakout at 1.78400. As of writing, the last candle came out as a bearish engulfing candle. This is a strong signal for the sellers to go short in the pair. The price may head towards the downside and find its next support around 1.77500. Since the H4 and the Daily chart are bearish biased, the H1 sellers may consider taking a partial profit and let the rest of it run to grab more pips.

The daily, the H4, and the H1 chart are bearish. The daily chart shows that it has enough space for the price to travel towards the South. Thus, the H4 and the H1 sellers may go short in the pair aggressively. This is what may help the price make a new lower low in the daily chart in the coming days.

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