Hello traders. On this 4H analysis of EURNZD, we have the formation of a broadening triangle. Price has recently been rejected from the resistance level in the 1.71000 region. If this level is retested, a good entry reason for this short position would be the confirmation of a trend reversal pattern or a candlestick reversal pattern. Upon confirmation of a reversal pattern, the projected target would be the support level in the 1.67500 region.
A conservative entry would be to wait for the retest of the resistance level, while an aggressive entry would be to enter without a retest.
A conservative entry would be to wait for the retest of the resistance level, while an aggressive entry would be to enter without a retest.
Trade closed manually:
Price cam pretty close to our target before heading back to the entry point. We are close this trade at break even as the setup has changed.
