EURNZD a possibility for new short positions

EURNZD forex technical analysis | Our expectations:

A downward trend like a flag breakout allows us to look for new short positions with SL 1.6806.

Price below moving averages SMA50 and SMA200 in bearish formation.

Possibility for Three black crows formation – a trend confirming pattern- a negative signal.

DeM (14) is likely to go below 0.3 in an oversold zone to accelerate the downward momentum.

Alternative scenario: Returning the price above the resistance and back to the flag formation will break the negative scenario.

 Trader Nikolay Georgiev

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