EURNZD - Intraday - We look to Buy at 1.6690 (stop at 1.6655)
Buying pressure from 1.6575 resulted in all the initial daily selloff being recaptured. Bespoke resistance is located at 1.6741. The 261.8% Fibonacci extension is located at 1.6867 from 1.6526 to 1.6656. There is no clear indication that the upward...
As you can see this particular pair has had a tremendous bearish run and now at a key level where historically this pair has reacted and acted as support and resistance. RSI is also seriously oversold and we are about see a bullish engulfing candle on the 4h chart. I have gone long on this pair and marked tp and sl for you as well.
Let me know your...
Monthly – Bearish bias inside the triangle formation
Weekly – Bearish bias with an Evening Doji Star close to 61.8% (Marabuzo resistance at 1.7085)
Intraday – Reverse Head and Shoulders forming. We look to buy into dips
We look to buy at 1.6860
Target 1.7150 (4:83 reward to risk)
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....