EURNZD:Likelihood of Convergence of 2 Emerging Harmonic Patterns
Hello traders,
Trust you are doing great.
Below is my analysis of EURNZD currency pair.
The EURNZD pair, currently trading at 1.78462, is showing potential for a rally due to the convergence of two emerging harmonic patterns: a bearish Cypher and a bearish Butterfly. Both patterns suggest a potential move toward 1.81648, where their D leg projections align.
Key Highlights
Bearish Cypher Pattern:
X Leg: 1.82737 (October high)
A Leg: 1.78362
B Leg: 1.80714
D Leg Target: 1.81648
Bearish Butterfly Pattern:
X Leg: 1.80714
A Leg: 1.77412 (November low)
B Leg: 1.80401
C Leg: 1.77857
D Leg Target: 1.81648
The convergence at 1.81648 strengthens its significance as a potential resistance level and a critical zone to watch for a reversal.
Invalidation Point
A break below 1.77412 (November low) would invalidate both patterns and shift the outlook to bearish.
Conclusion
This alignment suggests a short-term rally, but the bearish nature of both patterns implies a possible reversal near 1.81648.
Do let me have your thoughts.
Cheers and happy trading!
Trust you are doing great.
Below is my analysis of EURNZD currency pair.
The EURNZD pair, currently trading at 1.78462, is showing potential for a rally due to the convergence of two emerging harmonic patterns: a bearish Cypher and a bearish Butterfly. Both patterns suggest a potential move toward 1.81648, where their D leg projections align.
Key Highlights
Bearish Cypher Pattern:
X Leg: 1.82737 (October high)
A Leg: 1.78362
B Leg: 1.80714
D Leg Target: 1.81648
Bearish Butterfly Pattern:
X Leg: 1.80714
A Leg: 1.77412 (November low)
B Leg: 1.80401
C Leg: 1.77857
D Leg Target: 1.81648
The convergence at 1.81648 strengthens its significance as a potential resistance level and a critical zone to watch for a reversal.
Invalidation Point
A break below 1.77412 (November low) would invalidate both patterns and shift the outlook to bearish.
Conclusion
This alignment suggests a short-term rally, but the bearish nature of both patterns implies a possible reversal near 1.81648.
Do let me have your thoughts.
Cheers and happy trading!
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Pernyataan Penyangkalan
Informasi dan publikasi tidak dimaksudkan untuk menjadi, dan bukan merupakan saran keuangan, investasi, perdagangan, atau rekomendasi lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Persyaratan Penggunaan.