EURNZD: Preparing for a larger descent
Hello Traders,
We have an interesting setup on EURNZD. Between 23rd of Feb and 1st of May, we saw an upward move identified as a corrective wave ABC, with Wave C forming an ending diagonal. Recently, we saw a break of the ending diagonal pattern in wave C, setting the stage for a decline. The break of wave 1 to the downside further confirms our bearish outlook. As such I expect EURNZD to continue the downward movement.
However, if the price goes above 1.81557, my analysis of a drop will be invalid.
Cheers and happy trading!
We have an interesting setup on EURNZD. Between 23rd of Feb and 1st of May, we saw an upward move identified as a corrective wave ABC, with Wave C forming an ending diagonal. Recently, we saw a break of the ending diagonal pattern in wave C, setting the stage for a decline. The break of wave 1 to the downside further confirms our bearish outlook. As such I expect EURNZD to continue the downward movement.
However, if the price goes above 1.81557, my analysis of a drop will be invalid.
Cheers and happy trading!
Note
EURNZD has done +95pips since this analysis was shared.Note
EURNZD has done +193Pips since this analysis was shared.Note
Both harmonic and Elliott wave analysis idea of this pair show perfect confluence.
Note
EURNZD has now done +209pips in the projected direction.Note
Update of EURNZD analysis.Note
UPDATE: EURNZD has done +340 pips since this trade idea was shared. I hope everyone profited from this trade idea.
Cheers!
Note
UPDATE: EURNZD delivering as anticipated. About +360pips done.Trade closed: target reached
Trade closed: target reached
Done
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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.