EURNZD Market Outlook | Alchemy FX Weekly Breakdown.
EURNZD
Like EA looking very bearish on the higher timeframes. Shooting star on the weekly. On the lower-time frames there’s a bit more indecision in the market. I do favor more downside movement but we could pop up and retest highs before melting to the downside. Always keep in mind before huge moves there is usually a bunch of fake outs to stop out as many traders as possible before moving in the final true direction. Patience will be key we need to see how EN reacts, as stated I do feel if we get some strong downside pressure we could see EN completely melt.
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Like EA looking very bearish on the higher timeframes. Shooting star on the weekly. On the lower-time frames there’s a bit more indecision in the market. I do favor more downside movement but we could pop up and retest highs before melting to the downside. Always keep in mind before huge moves there is usually a bunch of fake outs to stop out as many traders as possible before moving in the final true direction. Patience will be key we need to see how EN reacts, as stated I do feel if we get some strong downside pressure we could see EN completely melt.
To see our full market break down join our Forex Telegram Channel link in my bio!
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