EURNZD Sell Set-Up
Several factors coming together to suggest upcoming sell & potential trend reversal.
Price approaching upper trend line formed throughout 2022 on Day timeframe. This looks like the upper bound of a bearish pennant forming since 2020. Price seems to be testing a breakthrough of a bearish rising wedge seen on 4 hr candles (Formed Aug 25 - Sep12)-- this is the double op that formed over past 15 hrs. Additionally, bearish harmonic patterns formed recently on both 4 hr & Day timeframes, strongly suggesting a swing down.
Setting up as a Sell Stop, w/ entry just below current structure of past 15 h as confirmation of retracement/reversal.
SL just above same structure-- set this fairly wide, due to high historical spread on this pair. TP set at 3:1 of SL, also informed by structure & resistance levels.
Price approaching upper trend line formed throughout 2022 on Day timeframe. This looks like the upper bound of a bearish pennant forming since 2020. Price seems to be testing a breakthrough of a bearish rising wedge seen on 4 hr candles (Formed Aug 25 - Sep12)-- this is the double op that formed over past 15 hrs. Additionally, bearish harmonic patterns formed recently on both 4 hr & Day timeframes, strongly suggesting a swing down.
Setting up as a Sell Stop, w/ entry just below current structure of past 15 h as confirmation of retracement/reversal.
SL just above same structure-- set this fairly wide, due to high historical spread on this pair. TP set at 3:1 of SL, also informed by structure & resistance levels.
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