Eurnzdlong
EURNZD LongEURNZD has a strong support level in 1.66 level and the last 4 days didn't break down that level. Also broke out falling wedge and forming small falling wedge pattern in 4 hours chart. It is barely making a lower low and possible to bounce back and head to 1.679 level which is Fibonacci 38.2 level.
EUR/NZD BUY SIGNALHey tradomaniacs,
welcome to another free trading-setup.
EUR/NZD: Daytrade-Execution
Market-Buy-Order: 1.66930
Stop-Loss: 1.66590
Point of Risk-Reduction: 1.67260
Take-Profit: 1.68150
Stop-Loss: 30 pips
Risk: 0,5% -1%
Risk-Reward: 4,0
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Peace and good trades
Irasor
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EURNZD to head bullish?Let me start off by saying this currency pair isn't my strong suite but if the confluences are there, hey. Go for it.
Okay.
I don't know if anyone else has noticed this but EURNZD has been trending since March 22nd this year. I used multiple timeframe analysis and well from the daily chart its just trending (said that already).
I also drew out some demand and supply zones. Price went down into my demand zone, formed a double bottom and it is likely to bounce off that zone and start heading bullish. If price doesn't start heading bullish now, it is likely to start from the 1.66600 psychological level.
Initially I was thinking price would bounce off the 1.67000 psychological level but price broke that level before forming a bullish engulfing candlestick on the 15m timeframe.
What do you think?
TRADING SETUP FOR EURNZD
EURNZD is currently approaching the daily support level. However, in the intraday timeframe, there is a very nice falling wedge which is a reversal structure.
Look for the opportunity to buy once the structure is broken and retested. Also, the formation of the double bottom on the support will add an extra trigger to BUY the market.
NB; once the price continues to fall below the yellow structure, the setup will be INVALID.
What's your opinion on EURNZD? Comment below...
Outlook on EURNZD: Pullback presents an opportunity to sellOn the monthly time frame, EURNZD remains under pressure with a breakout and re-test of its previous ascending support line. Looking at the H2 time frame, prices remain under pressure, holding well below its resistance zone at 1.69500 area, in line with the 50% fiboancci retracement. A pullback to test this area presents an opportunity to play the drop to the next support target at 1.6650 support zone .
EURNZD [H4] Price is still running in the H/L frameEURNZD Price is still running in the H/L frame,
so recommend when the price touches the support area 1.664 - 1.667 area.
Recommend entering a sell position at the support to expect the price to bounce back or Swing High again.
SL below support
Goodluck Trader
TonTrader | TamjaiTrader
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