EURNZD Short: Can the RBNZ Push us Further?

FX:EURNZD   Euro / New Zealand Dollar
EURNZD consolidated yesterday at the downward trendline/S&R zone highlighted. Today on H1 we have a break and retest of this area which indicates shorts are looking likely. With these confirmations I expect a drop to the 2020 low.

However technicals aside, we have the RBNZ interest rate decision 1am tomorrow GMT which will affect NZD pairs. These data releases move NZD pairs hundreds of pips usually so I will be pleased if NZD gains strength as a result. Great % growth if so!

A good position to be in with this trade will be stop loss in profit, with news hopefully pushing price further towards our TP. If NZD does happen to go weak then we will walk away with at least some profit - a win/win situation.

Huge potential, excellent R:R. Let's see how this plays out!

For more ideas and discussion you can follow me my Instagram @MMQ_FX


Excellent drop - analysis played out just as we hoped. Currently sitting in around 250 pips profit. Going to see how this plays out today as a swing to the 2020 low.
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