Hi there,
I'm sharing this interesting long term trade idea on EURNZD pair. We have two solid intact trendline on this pair Ascending and descending trend line. This particular trade is based on the ascending trendline which is intact since 2017 and agian we have seen a nice bounce from the trend line and from a major level. We can already see a bullish reversal...
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....
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....
EURNZD was travelling in a blue triangle, but as you know from our previous trades, price broke out to the downside, came back to retest the triangle at the 0.618 retracement level before making its way much lower then the previous support zone.
Price is now travelling in a descending channel and has touched the bottom after a large impulse move down, we expect...
EURNZD has been travelling in a triangle to the downside. We entered into a long position after we saw some confirmations of trend reversal on lower time frames ,our target for the long position (RETEST) is the 0.618 of the large previous downwards impulse move. This is where we have short positions locked and loaded.
we hope you enjoy some profits from this trade...
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