EURNZD Trending Down

FX:EURNZD   Euro Fx/New Zealand Dollar
198 17 7
As the sloped support gave way, price seems to be headed towards the lower borders of the red channel. A retest of 1.5 is very likely. The EUR has been the weakest currency recently (even weaker than the AUD), whereas the NZD is the strongest one. The momentum still favors short positions.
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I have some doubt. Your blue rising support line has not yet been broken convincingly in my opinion. I wouldn't exclude a retest of the upper boundary of the downward channel.
+1 Reply
ForceFollower motleifaul
Thanks for the comment. I just feel it in my gut that the blue line's been broken for good. :-) Why? Because the current price levels don't seem to be rejected. But I may be wrong, of course.
Channel B continues after broke down from triangle
EURNZD, triangle in new green channel?
+1 Reply
ForceFollower jangseohee
Right. To me it looked like it's already broken down from this triangle.
motleifaul ForceFollower
You have convinced me.
+1 Reply
ForceFollower motleifaul
Here we're talking about the weekly/monthly charts, so the moves must be really strong. But of course nothing lasts forever, and at some point they will end as well. However, until then I am short EURUSD and EURNZD.
very very good :)