EUR/NZD Preparing for a new Bearish Impulse
🔸Good Morning traders! Today we want to share with you our trading idea in the EUR/NZD pair. It is a Swing idea, which implies that it is a movement that will probably take weeks to resolve if the direction is correct.
🔸As we can see, a few weeks ago, the price generated a break in the Ascending Channel that had been valid for approximately two years.
🔸After this break, we did not see a strong downside impulse, but rather a consolidation, which can be better appreciated in a lower timeframe.
🔸We take this consolidation as a pullback to the broken trendline, and as a Bearish Corrective Structure.
🔸For this reason, we are expecting a bearish break of the correction, and we consider that if it happens, there is a potential downward movement of approximately 800 pips towards the next Support Zone.
🔸As we can see, a few weeks ago, the price generated a break in the Ascending Channel that had been valid for approximately two years.
🔸After this break, we did not see a strong downside impulse, but rather a consolidation, which can be better appreciated in a lower timeframe.
🔸We take this consolidation as a pullback to the broken trendline, and as a Bearish Corrective Structure.
🔸For this reason, we are expecting a bearish break of the correction, and we consider that if it happens, there is a potential downward movement of approximately 800 pips towards the next Support Zone.