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FX.co ★ EURNZD M5: Bearish Flag

EURNZD M5: Bearish Flag

Bearish FlagThe Bearish Flag pattern has formed on the EURNZD M5 chart. Its lower boundary passes through 2.0074/2.0076, while its upper boundary passes through 2.0076/2.0078. The projected flagpole height is 7 points. The formation indicates that the downtrend is likely to continue. A break below 2.0074 would confirm further downward movement.
The M5 and M15 time frames may generate more false entry signals.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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