I am just showing the trend how it may go and my view(it may wrong too)..so don’t follow blindly my chart..take this as a reference and if it correlate to you strategy took the trade as per your strategy…
Given that we see an uptrend on the 20 and 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
Price action traders may also wish to note that we see a pin bar candlestick pattern on eurnzd.
Relative to other instruments in the forex asset class, eurnzd ranked 39th the day prior in terms of percentage price change.
Regarding the trend, note that the strongest trend exists on the 20 hour timeframe.
It’s been a feast for bears operating on an hourly timeframe, as eurnzd has now gone down 4 of the past 5 hours.
As for the rationale, technical traders seem to be citing the appearance of a trendline technical pattern.
Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up.
Volatility for eur/nzd has been contracting over the past two weeks relative to volatility over the past month.
As for the rationale, technical traders seem to be citing the appearance of a fibonacci technical pattern.