EUR/NZD rebounded in the last hours and it continues to stay in the buyer’s territory. It’s traded at the 1.6763 level after failing to approach and reach the former lows.
The price action has developed a double top reversal pattern on the H4 chart. Validating this formation could indicate more declines and could bring us a short signal.
Technical Analysis!
As you can see on the H4 chart, the price is located near the uptrend line. A valid breakdown through it and a new lower low could bring a selling opportunity.
Technically, EUR/NZD could come back to retest the weekly pivot (1.6809) before deciding on a new direction. Staying above the uptrend line may signal a new upside momentum.
Dropping below the descending pitchfork’s median line (ml) and under 1.6667 former low could attract more sellers.
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