Was really hoping to take this pair long above the 1.76
But we never got a daily close above it. Now it looks like it could be putting in a potential H&S pattern to go short
But with all the brexit news i dont even think i will be taking the trade.
happy trading people
Nice and easy trade this. I've taken this trade based on the D & 4H trend line. Price action has been respecting this trend line since March 2011!! Never broken since. Also we are seeing a nice reversing candle. I have marked my tp and sl for this trade. For long term traders the tp2 is at 0.5 fib area.
Trade safe and good luck.
Let me know your thoughts.
EURNZD (4H) - medium term bullish bias
The euro broke above the pennant we discussed last time and carried on its way up with conviction. The faster moving average crossed above the slower one indicating accelerating momentum as the market chose its direction. We expect the price to rally to the previous high of 1.7610, and then to a new high should the offers...
EURNZD (1H) - short term bullish bias
The euro found strong buying interests near the 4H support level of 1.7330. The 20-hour MA has crossed above the 30-hour one and this morning's strong momentum suggests mounting bullish pressures for the next few hours. We expect the price to test the congestion area of 1.7500 which is a psychological level as well as the...
EURNZD - We are bearish on both currency pairs so this isn't a trade setup we would usually be looking for, however this is setting up nicely for a monthly swing down to the 1.70500 zone which would give us a decent 450 pip trade.
We will slowly build a position on this pair with entries around 1.74600 depending on bearish price action in this zone, and a 60 pip...
Euro is showing continued weakness from yesterdays PMI news. Looking for the NZD to continue its possible turn higher. If this continues for both this could be a multi day move with plenty of time to scale into this position.
EURNZD is setting up a much recognisable head and shoulder pattern on the daily chart. Will this play out to be a textbook pattern. Only risk identified is the Weekly still showing of bulls. If it works, the dotted will be my Profit Target