EURNZD: Short term buying chance
Summary
In the chart you can see that I drew a structure out of nowhere. This is what I visualize of how the market for EURNZD might go based on how the market reacts with the fibonacci retracement tool. In this weeks forecast, I will look a bull flag to go for a short term long and wait for it to touch the point on the fibonacci retracement. Afterwards, I would wait for a strong rejection candle form or a safer way would be to wait for the market to form a bear flag for a better confirmation.
Steps to be taken
In the chart you can see that I drew a structure out of nowhere. This is what I visualize of how the market for EURNZD might go based on how the market reacts with the fibonacci retracement tool. In this weeks forecast, I will look a bull flag to go for a short term long and wait for it to touch the point on the fibonacci retracement. Afterwards, I would wait for a strong rejection candle form or a safer way would be to wait for the market to form a bear flag for a better confirmation.
Steps to be taken
- Wait for a bull flag.
- If it touches the point, wait for a retrace candle to fully form or wait for a flag.
Disclaimer
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