Breakout Trading Signal EURNZD – 12th March 2019
EURNZD has been bearish for the last 3 days. The H4 chart suggests that the price produced a double top and then it has been heading towards the South with strong bearish momentum. It seems that the price might start having a correction as well. This means a good level of support might drive the pair down by offering a short entry to the sellers.
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The double top looks very solid and this might play an important role on this pair for some weeks. To start with, the price came up to the level of 1.64285; today the first candle seems to be a corrective candle. If the price goes up to the level of 1.64985, and produces an H4 bearish engulfing candle right up there, then an H1 breakout at the level of 1.64285 would drive the price to go towards the level of 1.63130 . Let us have a look at the summary of the trade…
- Sell Stop Order: 1.64285
- Stop Loss: 1.64985
- Take Profit: 1.63130
We actually have a double ‘double top’ here. Before those two double tops the price got rejected earlier from the same level as well. This means the resistance level from where the trend started is an extremely strong level of resistance. Bigger time frames suggest that there is a level nearby which has the potential to be the level of support too. It means this zone would be significant for both the buyers and sellers to get breakout towards either side.
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