EURNZD 15 May 2024 A look at the current market for EURNZD on the daily timeframe shows that the pair has failed to rally further and break out of the Kumo Cloud after returning to a bearish trend since two days ago. Referring to the Stochastic chart, we see a decline after failing to cross the 50 level and dropping back towards the 20 level. This indicates that the bearish momentum is still strong and the pair is likely to continue to experience selling pressure in the short term. Traders should take this bearish signal as a potential opportunity to look for short positions, but it is still advisable to look for additional confirmation before opening a position. Proper risk management is essential to anticipate potential price movements that do not match predictions.
