FX.co ★ EURNZD M5: Bearish Flag

The Bearish Flag pattern has been formed on EURNZD at M5. The lower boundary of the pattern is located at 1.7797/1.7807 while the upper boundary lies at 1.7811/1.7821. The projection of the flagpole is 38 points. This formation signals that the downward trend is most likely to continue. Therefore, if the level of 1.7797 is broken, the price will move further downwards.