EUR/NZD: 1-hour
Is that a bearish flag I’m seeing on EUR/NZD’s 1-hour forex chart? The downtrend has been going on for quite some time, showing that euro bears are feeling pumped up and might be strong enough to push for a downside break of the short-term consolidation pattern. If so, the pair could fall by around 600 pips, which is the same height as the mast of the bearish flag. The 100 SMA is below the 200 SMA anyway so the selloff is likely to carry on. However, stochastic is heading north, indicating that euro bulls might charge. If that happens, the pair’s gains might be limited to the resistance at the descending trend line and moving averages near the 1.6500 major psychological mark.
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