AmplaFX

EURNZD, Long Opportunity, RR 1:14

Long
FX:EURNZD   Euro / New Zealand Dollar
Goood morning ladies and gents ,

EURNZD is poised to see higher prices today.

It will rally up to the area marked as the final TP over the next week.
Why?

Simple. There was a consolidation (range) condition prior to a break to the top side. This induced retailers to look for longs, anyone who went long would have their maximum stop below the low of the range. Typical trading systems, lol.

Price stop hunted to the other side of the range as expected, then cleared the EQ lows at the other side. This in turn, induced retail traders to look for shorts.

However, we're currently in a Daily Bullish Institutional Orderflow with a clear objective to the topside.

It's worth noting that although the daily structure is bullish , we're still in a weekly & monthly sell structure. Hence a TP at 1.68870 is advised as it's a potential point of reversal".

Aligning seasonal tendencies with this technical perspective, it shows that EN tends to rally higher from the beginning of May until Mid May where a huge sell off begins, in line with our Weekly & Monthly sell structure bias.

That's it for now.

Take care.
Trade closed: target reached: TP Hit, 1:14.

Boom.

+14%

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