EURNZD has been bullish on the daily chart. The price has been heading towards the North. The pair has made some corrections on its way to go towards the upside as well. Today’s price action suggests that the price may make another upside breakout and go towards the North further. Let us have a look at the Daily EURNZD chart.
This is another trade idea generated by the Elite Swing Trader.
The chart shows that the level of 1.71410 has been the level of support. The level also might end up producing a Morning star. Yesterday’s candle came out as a doji candle and day before yesterday’s candle came out as a bearish candle held by the level of 1.71410. If today’s candle closes above the level of 1.72500, then it will be a perfect looking Morning Star. This will attract the buyers to go long on the pair. Let us have a look at the summary of the trade
- Entry: Today’s daily candle is to be closed above the level of 1.72500
- Stop Loss: Below 1.71410
- Take Profit: 1.73835
The entry shall be taken only after the daily candle closes above the resistance level. Some brokers do not let the trading platform run once the Friday’s Daily Candle closes. Those traders may take the entry on next Monday as early as possible; it would be alright to take the entry on Monday as long as the pair does not start with a huge upside adjustment in the next week. However, there is a strong possibility that the pair starts its next week with an upside adjustment.
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