Hi peeps,
As you can see from the annotated chart, the next point in the descending channel would be the next support line @ 0.6800 if price respects the movement down in this parallel channel. Price managed to reject the resistance line and broke down as per candle bar price rejections as seen.
Based on the other major touches in the trend line channel, we can see that price has always respected the descending channel except for other fundamental noise shifts but price managed to adjust accordingly.
Disclaimer: This is not an investment advise but rather my thoughts on the price movement for EURNZD. Do share your thoughts and your feedback about my analysis :)
Cheers
Pips Punk
As you can see from the annotated chart, the next point in the descending channel would be the next support line @ 0.6800 if price respects the movement down in this parallel channel. Price managed to reject the resistance line and broke down as per candle bar price rejections as seen.
Based on the other major touches in the trend line channel, we can see that price has always respected the descending channel except for other fundamental noise shifts but price managed to adjust accordingly.
Disclaimer: This is not an investment advise but rather my thoughts on the price movement for EURNZD. Do share your thoughts and your feedback about my analysis :)
Cheers
Pips Punk