Eurnzdforecast
EURNZD Long Trade EntryEURNZD has formed an impulse leg A and we are currently in the B correction which shows 3 waves at this stage. I expect a move back down to the low at 1.6715 and then a move to break out of the correction. It is possible that the correction will be a 5 wave structure but either way suggests a break to the upside. I have entered a short position down to the low where I will take profit and then enter the long position.
TP 1: 1.6800
TP 2: 1.6900
EURNZD on major support, prepare for a bounceEURNZD is in major fractal support, strong possibility of a bounce occurring.
Buy above 1.6818. Stop loss at 1.6716. Take profit at 1.7094.
Reason for the trading strategy (technically):
Price is testing and has bounced off major support at 1.6818 (Fibonacci retracement, horizontal swiung low support, ascending support, bullish harmonic formation) and a strong bounce could occur at this level to push price all the way up to 1.7094 resistance (Fibonacci extension, horizontal swing high resistance). We do have to be wary of our intermediate resistance at 1.6973 (Fibonacci retracement, horizontal pullback resistance).
Stochastic (89,5,3) is seeing strong support above 1.1% where a corresponding bounce could occur.
long intraday at 1.16910 for target 55-65 pips at 1.6970-75i am long on a technical pullback on the up t-line since june 2017 that can appears maybe soon as i see a rsi divergence also in h1
enter at 1.6910 for target the old up t-line from june around 1.16970-75 just for a small pullback
gains 55-65 pips
time 24h