EURNZD The pair is currently testing the neckline of a developing inverted head and shoulders pattern, just below the 1.9106 resistance. A confirmed breakout above this level would validate the bullish reversal structure and open the door for a potential rally toward the 200% Fibonacci extension, projected around 1.9336 — the classic target zone for this pattern.
However, there’s a bearish confluence to note: a bearish shark pattern with a projected PRZ (Potential Reversal Zone) at 1.9307, slightly below the head and shoulders target. This alignment suggests that while bullish momentum may drive price higher short term, we should be cautious of potential exhaustion as price approaches the 1.9300–1.9336 area.
🧭 Key Levels to Watch:
- Neckline/Resistance:
- H&S Bullish Target (200% Fib Ext.): 1.9336
- Bearish Shark PRZ: 1.9307
📌 Bullish structure in progress, but heavy resistance ahead. Watch for possible rejection near the convergence zone.
Happy Trading,
André Cardoso
Harmonic Patterns | Market Analyst | Forex Analytix | Porto, Portugal
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Harmonic Patterns | Market Analyst | Forex Analytix | Porto, Portugal
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.