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17 August

By Amir El Araby

Category: Technical Analysis

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EURNZD slipping from tough resistance; more bearishness to come?

Over daily basis, the EURNZD pair moves within upside trend that started at 1.4500 and peaked at 1.6000 during the previous 6 months.

Actually, the EURNZD pair has faced a very critical resistance zones that stopped the aforesaid bullish wave.

With that in mind, we see the possibility of achieving further bearish actions on EURNZD due to the following reasons:

  • EURNZD has slipped sharply after touching the resistance of 1.6250, achieving 1000 to the downside and that proves the solidity of this territory.
  • The above-mentioned level intersects with the broken uptrend line retest zones.
  • RSI14 moves inside overbought regions, reflecting the exhaustion of the bullishness.
  • Yesterday’s bearish engulfing candlestick pattern supports our bearish outlook.
  • To summarize this, EURNZD might move to the downside, chiefly targeting 1.5800 where it meets the previously broken resistance that turned into interim support.

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Amir El Araby

Financial advisor with 18 years’ experience in the technical analysis studies for FOREX, Commodities and Indices. Amir El-Araby worked as a mentor for many companies and institutes, where he presented new methods for trading in the financial market. Amir is a member of ESTA (Egyptian Society of Technical Analysts).