EURNZD Bearish Flag Provides Sell Opportunity

Hi Traders! EURNZD bearish flag provides sell opportunity for us. A detailed analysis of this bearish setup is as follows:

EURNZD W1 Chart:

On the weekly chart it looks like the price is creating a potential double wave down and the price has room lower towards the critical level. Currently it looks like a correction is happening and the price moving inside a bearish flag pattern. The price which was moving higher reached the top of this bearish flag pattern and is currently moving lower. We also have a bearish divergence which we may consider as an evidence of bearish pressure. We may now look for more evidences of bearish pressure on lower timeframes in order to join the bears.

EURNZD Bearish Flag Provides Sell Opportunity

EURNZD H4 Chart:

On the H4 chart we have a hidden bearish divergence that has formed which we may consider as an evidence of bearish pressure. We may now look for more evidences of bearish pressure on lower timeframes in order to join the bears.

EURNZD Bearish Flag Provides Sell Opportunity

EURNZD H1 Chart:

On the H1 chart we had a bearish divergence which we may consider as an evidence of bearish pressure and then the price moved lower and broke below the last low we may consider these as evidences of bearish pressure. In addition to this the price which was moving inside a bearish flag pattern has currently broken below it, we may consider this as another evidence of bearish pressure. We may now look for pullbacks and sells with more bearish evidences.

EURNZD Bearish Flag Provides Sell Opportunity

Note: It is always recommended to look for confirmations before you jump into any trade. If you are not sure about how to trade this sell setup then you can use any setup and strategy that you have in your arsenal to look for bearish moves and join this sell trade.

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