EUR/NZD: Intraday Reversal Pattern! Don't miss this opportunity!Hello, everybody, and welcome to my TradingView’s profile, my name is Gianni and today I’m going to analyse the EUR/NZD , translating the market information by using a full technical analysis on different time frames, giving you a personal opinion about the next most likely market movement and helping you to spot and manage market opportunities.
My ideas are for those who are interested in improving their financial education and for those who are looking for new trading opportunities, according with their own strategies.
Weekly timeframe:
Daily timeframe:
4 hours timeframe:
Overall, the market is trending to the downside, still in a correction move, currently reached a strong major key level that rejected the price many times during the past weeks (see the weekly timeframe)
Focusing on the intraday timeframe, the market performed a bullish impulse and is now consolidating inside a fair value area.
The price is possibly forming a head and shoulder pattern or eventually a triple top (whatever you would like to call it, is usually a reversal pattern), with a possibility of an intraday trend reverse and a continuation to the downside!
When, where and why would I step into the market?
Although there are many ways to approach this market, before planning my short position on this trade, I will be waiting for the price to breakout the support level as a confirmation of this reversal pattern.
Some consolidation below the demand zone would be an interesting clue that the sellers are taking some profit and getting ready to push more the market to the downside, however that would be my entry point!
According with my strategy, the SL would be just above the demand zone and the TP around the next support level.
A breakout to the upside, above the supply zone, would invalidate this trade idea and no action will be taken on this market.
If you enjoy this trade idea, please support my work with a thumb up and don’t forget to follow my profile for more detailed market analyses!
Trade safe and responsibly,
Gianni
DISCLAIMER
Please note the views are not investment advice and should be used only for educational purpose
