Forex Signals

EURNZD – Watch this Breakdown


The EURNZD cross in its 2-hour chart shows the progress as a triangle pattern. The corrective structure suggests the possibility of bearish continuation.

On the other hand, the RSI oscillator that moves near to level 40 makes us foresee that the bias remains in the bearish side. In consequence, a breakdown and close under the previous lows would confirm the sell setup.


A sell position will activate if the price breaks and closes below level 1.83023. In our conservative scenario, we expect a potential decline target at 1.78101. The level that invalidates our downward scenario locates at 1.85727.


Trading Plan Summary


By Eduardo Vargas

Eduardo Vargas is a technical analyst and independent trader based in Buenos Aires, Argentina. He is an Industrial Engineer and holds a Master in Finance degree. In 2008 began to trade Chilean stocks listed on IPSA. From 2013 started to trade CFDs on Forex, Commodities, Indices and ETFs markets. He analyses different markets combining the Elliott Wave analysis with Fibonacci tools. He provides a market mid-long-term vision.

One reply on “EURNZD – Watch this Breakdown”

Leave a Reply

Your email address will not be published. Required fields are marked *