FX.co ★ Patterns EURNZD | Euro (EUR) to New Zealand Dollar (NZD) Rate in the Forex market

The Triple Top pattern has formed on the chart of the EURNZD M5 trading instrument. It is a reversal pattern featuring the following characteristics: resistance level -3, support level -9, and pattern’s width 18. Forecast If the price breaks through the support level 1.9975, it is likely to move further down to 1.9980.

According to the chart of M15, EURNZD formed the Bearish Rectangle. The pattern indicates a trend continuation. The upper border is 1.9985, the lower border is 1.9933. The signal means that a short position should be opened after fixing a price below the lower border 1.9933 of the Bearish Rectangle.

According to the chart of M30, EURNZD produced the pattern termed the Inverse Head and Shoulder. The Head is fixed at 1.9974 while the median line of the Neck is set at 2.0031/2.0023. The formation of the Inverse Head and Shoulder Pattern clearly indicates a reversal of the downward trend. In means that in case the scenario comes true, the price of EURNZD will go towards 2.0053.

The Triple Bottom pattern has been formed on EURNZD H1. It has the following characteristics: resistance level 2.0082/2.0043; support level 1.9997/1.9974; the width is 85 points. In the event of a breakdown of the resistance level of 2.0082, the price is likely to continue an upward movement at least to 2.0033.

The Triple Bottom pattern has formed on the chart of EURNZD M30. Features of the pattern: The lower line of the pattern has coordinates 2.0082 with the upper limit 2.0082/2.0043, the projection of the width is 85 points. The formation of the Triple Bottom pattern most likely indicates a change in the trend from downward to upward. This means that in the event of a breakdown of the resistance level 1.9997, the price is most likely to continue the upward movement.

The Double Bottom pattern has been formed on EURNZD M15. This formation signals a reversal of the trend from downwards to upwards. The signal is that a buy trade should be opened after the upper boundary of the pattern 2.0001 is broken. The further movements will rely on the width of the current pattern 25 points.

The Double Bottom pattern has been formed on EURNZD M5; the upper boundary is 2.0001; the lower boundary is 1.9977. The width of the pattern is 25 points. In case of a break of the upper boundary 2.0001, a change in the trend can be predicted where the width of the pattern will coincide with the distance to a possible take profit level.

The Double Bottom pattern has been formed on EURNZD M5. This formation signals a reversal of the trend from downwards to upwards. The signal is that a buy trade should be opened after the upper boundary of the pattern 2.0021 is broken. The further movements will rely on the width of the current pattern 21 points.

The Triple Bottom pattern has formed on the chart of EURNZD M15. Features of the pattern: The lower line of the pattern has coordinates 2.0211 with the upper limit 2.0211/2.0209, the projection of the width is 17 points. The formation of the Triple Bottom pattern most likely indicates a change in the trend from downward to upward. This means that in the event of a breakdown of the resistance level 2.0194, the price is most likely to continue the upward movement.

According to the chart of M15, EURNZD formed the Bearish Rectangle. This type of a pattern indicates a trend continuation. It consists of two levels: resistance 2.0211 - 0.0000 and support 2.0193 – 2.0193. In case the resistance level 2.0193 - 2.0193 is broken, the instrument is likely to follow the bearish trend.