EURNZD - Head and Shoulders, Selling a retest
DAY TRADE - EXPIRES AT 9PM (UK)
Trade Idea
A bearish Head and Shoulders has formed.
A break of the neckline is required to confirm the formation.
The measured move target is 1.6300.
Negative overnight flows lead to an expectation of a weaker open this morning.
Further downside is expected although we prefer to set shorts at our bespoke resistance levels at 1.6750, resulting in improved risk/reward.
We look to Sell at 1.6750
Stop: 1.6800
Target 1: 1.6625
Target 2: 1.6600
Trade Idea
A bearish Head and Shoulders has formed.
A break of the neckline is required to confirm the formation.
The measured move target is 1.6300.
Negative overnight flows lead to an expectation of a weaker open this morning.
Further downside is expected although we prefer to set shorts at our bespoke resistance levels at 1.6750, resulting in improved risk/reward.
We look to Sell at 1.6750
Stop: 1.6800
Target 1: 1.6625
Target 2: 1.6600
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