EUR|NZD Analysis
Analysis of EUR |NZD
I think a lot of veteran traders got caught out on the almost 'perfect' set-up for a short position on NZD. EUR data has broken this structure and we are now testing a critical level of 1.72500. If we see a clear break of this level, we may see a bullish signal to reach the 1.78800 levels and retest 2018 high's. initially we could see a 'stuck in a box' type pattern, and as you can see it hasn't followed that and we didn't see any major confirmation it was going to continue. We excited the trade at 1.69720 once we see an engulfing candle on D1 chart.
There isn't a clear view now really whether we are going to have a break, or a bearish outlook to the downside. I personally want to be in a short situation with this as its more clear of the next move, going towards the up side we hit a few points where there can be some confusion. I would suggest to have this one on your watchlist.
Without getting to much into fundamentals, we should see a boost after tomorrows EUR news, which is then where I will be deciding to short, long or wait on the sidelines patiently.
Although as mentioned I want to see a short position, I wont be taking the trade unless I see confirmation. Remember to always keep your emotions out of trading.
Happy trading!
I think a lot of veteran traders got caught out on the almost 'perfect' set-up for a short position on NZD. EUR data has broken this structure and we are now testing a critical level of 1.72500. If we see a clear break of this level, we may see a bullish signal to reach the 1.78800 levels and retest 2018 high's. initially we could see a 'stuck in a box' type pattern, and as you can see it hasn't followed that and we didn't see any major confirmation it was going to continue. We excited the trade at 1.69720 once we see an engulfing candle on D1 chart.
There isn't a clear view now really whether we are going to have a break, or a bearish outlook to the downside. I personally want to be in a short situation with this as its more clear of the next move, going towards the up side we hit a few points where there can be some confusion. I would suggest to have this one on your watchlist.
Without getting to much into fundamentals, we should see a boost after tomorrows EUR news, which is then where I will be deciding to short, long or wait on the sidelines patiently.
Although as mentioned I want to see a short position, I wont be taking the trade unless I see confirmation. Remember to always keep your emotions out of trading.
Happy trading!
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