EUR/NZD SCENARIO BREAKDOWN|TRADING PLAN
Updated
The pair is trading between the two poles of attraction, those being the upper resistance and the lower support.
Meanwhile a structure above the green support line has formed.
TRADING PLAN:
Before the support breaks, we assume it is solid and hold a long position, supported by the general recent uptrend in the pair.
The realistic target level is on the chart by the dotted line. However, the bullish impulse might reached the upper bound resistance and from a double top.
IF the green support gets broken>>we wait for it to be a confirmed breakout and short on retest.
One might argue that there is Head and Shoulders pattern above the support. Which would add legitimacy to our shorts.
The realistic target is the dotted line, yet the impulse might bring us to the lower bound support itself.
Also, we might find ourselves in a situation where the two scenarios happen one after the other, namely, the pair first goes up in an impulse and then goes down, breaking the support. Then, we first surf the wave with the long, then wait for the breakout and go short. In that scenario by the way, the H&S pattern will be clearly visible and therefore more reliable.
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Note
Hell of a long right there
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