EURNZD Will Move Lower! Sell!
EURO VS NEW ZEALAND DOLLAR TRADENATION:EURNZD
Time Frame: 1h
Current Trend: Bearish
Sentiment: Overbought (based on 7-period RSI)
Forecast: Bearish
The market is testing a major horizontal structure 1.963.
Taking into consideration the structure & trend analysis, I believe that the market will reach 1.960 level soon.
P.S
The term oversold refers to a condition where an asset has traded lower in price and has the potential for a price bounce.
Overbought refers to market scenarios where the instrument is traded considerably higher than its fair value. Overvaluation is caused by market sentiments when there is positive news.
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