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EURNZD – 23 Aug 2024

EURNZD 23 Aug 2024

On the weekly timeframe, EURNZD is showing a trend reversal pattern that started in the last week of last month, taking the pair into a bearish trend that still continues today. The pair is currently at a price position of 1.80794, with quite strong bearish pressure, indicating a potential for further downside continuation. The stochastic indicator also reinforces this view, as its chart continues to decline towards the 20 level, signaling deepening oversold conditions. However, if any external or internal factors are able to trigger a trend reversal and cause EURNZD to successfully break through the current bearish trend line, then bullish momentum could return. This indicates the need for caution for traders, especially in anticipating potential trend changes that could occur at any time.

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