EURNZD made a strong bearish move on the H4 chart. The price has started having correction as well. There have been three consecutive corrective H4 candles so far. As things stand, the price might go further up to find a strong level of resistance and then the price would start its bearish journey again. Let us have a look at the H4 EURNZD chart.
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The chart clearly shows the bearish bias here. The level of 1.64615 is the level of support here which has made the price start having the correction. The level of 1.65385 has the potential to be the level of resistance and play an important role here. If the level produces an H4 bearish engulfing candle and makes an H1 breakout later at the level of 1.64615, then the price would head towards the level of 1.63400 without having that many pauses. Let us have a look at the summary of the trade…
- Entry: H1 breakout at 1.64615
- Stop Loss: Above 1.65385
- Take Profit: 1.63400
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Since yesterday, the market seems to be very vibrant on most of the pairs. It seems that the last part of February would end up offering many entries. Thus, the first part of March would be a good one as well. There are some high impact news events; especially the GBP could be volatile because of Brexit issue. Traders have to take care of that, but overall the market looks very good for the traders for hunting green pips.
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