EURNZD – waiting for bearish PA the week of 26June 2023
On the daily chart this pair is still bullish but we do have a lower high. As the H4 chart shows we seem to have formed a double top. Look at the recent PA within the equidistant channel and note how each bullish move is immediately followed by a bearish move of similar strength. IMO, the bulls are running out of steam.
It is likely that the battle between the bulls and bears will continue for a short time and we may even see another attempt to break higher. I do believe that a bearish trend formation is likely and will wait for price action evidence to confirm that.
The area just above 1.740 looks like a good initial target.
Nothing is 100% in trading, so as always, use sound money and risk management and stay patient in all your trades. If you like my analysis, please give it a “thumbs up” and follow me to get even more awesome content.
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It is likely that the battle between the bulls and bears will continue for a short time and we may even see another attempt to break higher. I do believe that a bearish trend formation is likely and will wait for price action evidence to confirm that.
The area just above 1.740 looks like a good initial target.
Nothing is 100% in trading, so as always, use sound money and risk management and stay patient in all your trades. If you like my analysis, please give it a “thumbs up” and follow me to get even more awesome content.
What do you think about this trade idea? Please comment and share your thoughts!!