Monthly – Holds within a symmetrical triangle
Weekly – Bearish Head and Shoulders building but scope for higher levels
4H – Oversold. Stalls and reversing close to bespoke support at 1.7135
Buying EURNZD at 1.7135. Stop 1.7095 Target 1.7230
Higher timeframes offer a bearish bias so caution needed
I previously marked up EURNZD with a bullish prospective ( i have attached the previous mark ups). Price recently broke out bullish after respecting support.
Price is currently moving bearish into what i would see as a retracement. So price has the potential to reach the support i have marked at the grey price line which is also our entry and move bullish again....
With this pair we can see a huge double bottom on the daily/ weekly timeframes which correlates with the break& retest of the resistance which also happens to be the retest of the 200day MA as well as seeing the 50day & 200day MA crossing over. We have one drawdown within this potential channel so we can expect another one after this current impulse reaches the...
I previously did a daily mark up on this pair and in my opinion, this pair is bullish. I have attached the daily mark up on below. We may see price retrace to the price level i have marked with the grey horizontal line and then move toward our take profit (green line). We also have bullish divergence forming.
I would recommend only risking 1% on this trade....
We should be looking for sell opportunities as EURNZD has rejected the daily supply zone and has made a significant move to the downside so far. We approximately another 650 pips to go until we reach the next strong daily demand zone. Play it safe and trade the trend by looking for selling opportunities for a better risk;reward trades.
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Simple trendline break and daily resistance bounce trade. The major 4hr/daily bullish TL is now broken and retested with a lower high on the 4hr timeframe.
Price has also rejected the daily resistance at 1.71900 so if this is now considered a channel price could drop all the way to lower support at 1.63500
After hitting a major daily/ weekly resistance, it seems as if bulls are losing steam from lower highs however this current support area is staying firm.
Expecting this support to give in soon though, with validation from a potential MA cross between the 50 & 200 day MA's. if so, this should bring price bearish until we reach 50% fib of this overall impulse to...