EUR/NZD Sell Opportunity?
Looking at EUR/NZD (4H chart), it seems that EUR/NZD has finished 5 waves up and is currently looking to start its intermediate corrective cycle. Additionally, wave v of (v) looks like an ending diagonal pattern which is considered a reversal pattern to the downside.
However, be careful! Only execute the trade if the price ends up breaking below the lower trendline of the ending diagonal. Our target for this trade will be the beginning of the ascending formation which is also the previous wave iv of (v) at 1.6675.
Breaking below this level will push the price for further downside continuation towards our 2nd target to retest the big previous wave (iv) zone at around 1.6575.
However, be careful! Only execute the trade if the price ends up breaking below the lower trendline of the ending diagonal. Our target for this trade will be the beginning of the ascending formation which is also the previous wave iv of (v) at 1.6675.
Breaking below this level will push the price for further downside continuation towards our 2nd target to retest the big previous wave (iv) zone at around 1.6575.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.