EUR/NZD: 1-hour
Not a fan of retracements? Then you might wanna consider this potential reversal play on EUR/NZD’s 1-hour forex time frame. The pair just formed a double top, signaling that a downtrend might be in order. Price has yet to break below the neckline around the 1.7250 minor psychological mark before confirming the potential selloff, which might last by around 700 pips or the same height as the chart pattern. For now, the 100 SMA is above the 200 SMA, suggesting that the uptrend is still intact, but a downward crossover could show that a reversal is in the cards. Stochastic is just pulling up from the oversold zone, which means that sellers are still taking a break.
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