fomc chairman is about to speak and it looks like eurnzd is bound for some short reversal. risking 15pips for 41 pips. long eurnzd as corection phase iv can't overlap impulse wave i hence we will sell after this 40pips buy
price is forming a bullish flag pattern with an expected breakout expected to happen to the upside. risking 50 pips for 160pips.. apply proper risk management. we then sell afterwards... check my previous analysis for eurnzd sell setup after this bull wave
Hello Traders, here is the full analysis for this pair, let me know in the comment section below if you have any questions, the entry will be taken only if all rules of the strategies will be satisfied. I suggest you keep this pair on your watchlist and see if the rules of your strategy are satisfied.
Expecting a continuation of this bullish move. The European Dollar has been gaining a significant amount of strength.
Reason For Bullish Move:
1.) The New Zealand dollar has been overall losing its strength, not only against the EURO but other currencies as well.
2.) After breaking and retesting the former high, price then found support and formed a higher low...
as we see Gartely Pattern approached point D. i ll buy the pair from current levels (targets & SL on chart).
and i ll put Buy limit @ 1.5240 with same targets and SL.
Long EURNZD:
1. Based on the last 16yrs of daily close data (since 01/01/2000 to date) EURNZD has a cumulative probability of a =>6th day lower at 0.5%, hence there is a implied 99.5% chance of reversal on the daily.
2. Also we see the Z-Score for, Monthly, 3m and 2wk all above 1SD.
3. Fundamentally I also like being long EUR given the ECBs new more neutral...
![EURNZD: [EUR/NZD] BUY HERE AND SELL THERE](https://s3.tradingview.com/q/qJWlPFdk_mid.png "[EUR/NZD] BUY HERE AND SELL THERE")
