EURNZD Current Situation

FX:EURNZD   Euro / New Zealand Dollar
This market's current condition is clearly bearish , so if you're bearish and want to stay short, I'm fine with that. However, I'm afraid you can't expect much to the down side any more. Price has been following the down fork but with every new low it made very little progress. And now it may be in the process of forming a higher low and continuing the correction. Certainly, it's not the best market to bet on the kiwi's weakness, but there's a high risk involved in going short here now. The last major swing down hasn't retraced by 38.2% yet, so this kind of retracement is quite a likely scenario. So, those who want to go long have a nice place for their stops below the recent swing low; although a long position would be going against the trend, which means one can't expect too much traction to the up side from this point.
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thanks for sharing
+2 Reply
And the down trend goes on.