EUR/NZD: double Top resistance driving the price downside

EagleFX Team EagleFX

EUR/NZD seems to have found its double top resistance. The price produced a bearish engulfing candle, and it has been bearish since then. Friday’s candle came out as a doji candle. Since there is still enough space for the price to travel towards the South, so it may continue its bearish journey for a day or two. Major intraday charts’ price action has been bearish as well. Thus, the pair may end up producing a bearish candle on the daily chart today.

The chart shows that the price had rejection twice at the level of 1.68600. It produced a bearish engulfing candle followed by a doji candle. The last swing low is at the level of 1.666275. It means the price has enough space to travel towards the level of support. However, the sellers are to wait for a breakout at Friday’s lowest low to go short on the pair. Let us now find out how the major intraday charts look today.

The chart shows that the price has been having consolidation for quite a while. The level of 1.67930 has been working as the level of resistance, and the level of 1.67582 has been the level of support. The pair is trading around the level of support. Any breakout at the support level may attract the sellers to go short on the pair. The price may find its next support at the level of 1.66870. On the other hand, if the price makes a bullish breakout, it may find its resistance at the level of 1.68540.

The H1 chart looks more bearish than the H4 chart. The price finds its resistance at the level of 1.67750 and support at the level of 1.67540. It produced a bearish engulfing candle at the level of resistance. If the price keeps going towards the South and makes a breakout at the level of 1.67540, it may go towards the level of 1.67165 with good bearish momentum. On the other hand, if it makes a bullish breakout, it may consolidate again before offering a long entry. Thus, the sellers have a little advantage over the buyers.

The H4 chart looks neutral. However, the daily and the H1 chart look good for the sellers. Thus, the pair may get a bearish day today. The next support is a double top neckline on the daily chart. It will surely be an interesting pair to keep an eye in the upcoming days.

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Author

EagleFX Team

EagleFX

EagleFX Team is an international group of market analysts with skills in fundamental and technical analysis, applying several methods to assess the state and likelihood of price movements on Forex, Commodities, Indices, Metals and

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