FX.co ★ Actual patterns. Technical analysis and trading recommendations

According to the chart of M5, EURNZD formed the Head and Shoulders pattern. The Head’s top is set at 1.9461 while the median line of the Neck is found at 1.9436/1.9439. The formation of the Head and Shoulders pattern evidently signals a reversal of the upward trend. In other words, in case the scenario comes true, the price of EURNZD will go towards 1.9424.

According to the chart of M5, EURNZD formed the Bullish Symmetrical Triangle pattern. The lower border of the pattern touches the coordinates 1.9414/1.9424 whereas the upper border goes across 1.9431/1.9424. If the Bullish Symmetrical Triangle pattern is in progress, this evidently signals a further upward trend. In other words, in case the scenario comes true, the price of EURNZD will breach the upper border to head for 1.9439.

The Bearish pennant pattern has formed on the EURNZD M5 chart. The pattern signals continuation of the downtrend in case the pennant’s low of 1.9357 is broken through. Recommendations: Place the sell stop pending order 10 pips below the pattern’s low. Place the take profit order at the projection distance of the flagpole height.

The Double Top pattern has been formed on EURNZD M5. It signals that the trend has been changed from upwards to downwards. Probably, if the base of the pattern 1.9391 is broken, the downward movement will continue.

According to the chart of M5, EURNZD formed the Bullish Symmetrical Triangle pattern. The lower border of the pattern touches the coordinates 1.9318/1.9335 whereas the upper border goes across 1.9360/1.9335. If the Bullish Symmetrical Triangle pattern is in progress, this evidently signals a further upward trend. In other words, in case the scenario comes true, the price of EURNZD will breach the upper border to head for 1.9350.