EURNZD Sell opp looks to be forming as we look at this upside down triangular structure on the 15m and 1H charts. In the grand scheme of things price has broke its Weekly uptrend line on the daily, and it looks as if we are currently witnessing a retest of that uptrend line. If the retest scenario plays out, I am looking at taking a sell upon the break and retest of the 15m uptrend line that forms the bottom line of the triangle. There is also EUR news at 4:30am that may impact this pair, but the news is of low-grade volatility. Once structure provides us with the entry, i'll be entering and setting my stop loss above the top line of the triangle or above the recent high. Take profit is set at a healthy 4:1 profit loss ratio for a possible 80 pips.
-Caviate, If price breaks out to the upside of this triangular structure then its a no trade for me. I'll be waiting for price to break & retest upon that above structure before taking any buys.
-Caviate, If price breaks out to the upside of this triangular structure then its a no trade for me. I'll be waiting for price to break & retest upon that above structure before taking any buys.