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
While the price is above the support 1.0530, resumption of uptrend is expected.
We make sure when the resistance at 1.0730 breaks.
If the support at 1.0530 is broken, the short-term forecast -resumption of uptrend- will be invalid.
We will close our open trades, if the Midterm level 1.0530 is broken.
The ascending flag...
Price has approached this daily level and started showing rejection, overall price is in a heavy downtrend right now so I will be entering a small sell position. I am holding a free telegram channel so drop your username or message me to be added.