EURNZD Sell opportunity on the top of two Channels

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The EURNZD pair hit yesterday the 1W MA200 (red trend-line) for the first time since February 16 2022. At the same time, it touched the top (Lower Highs trend-line) of the Channel Down pattern that it has been trading in since the August 20, 2020 High. This is a technical sell entry (as long as it holds), that can target the 1D MA50 and 1D MA200 (blue and orange trend-lines respectively) on the short-term.

On the medium-term, a potential target is the bottom (Higher Lows trend-line) of an emerging Channel Up pattern since the April 05, 2022 Low. As long as it holds, and we rebound on its bottom, the pattern will be confirmed. Otherwise, a break-out downwards can test the 1.56000 Support and the bottom of the August 2020 Channel Down, where we can buy again when the 1W RSI hits its 1 year Buy Zone again.


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