EUR/NZD Daily Price Forecast – 12th May 2020
EURNZD produced a bullish candle on the daily chart yesterday. The H4 chart shows that the price after making a bullish move has been in consolidation. A significant level of support holds the price so far. If the level produces a bullish reversal candle followed by a breakout at yesterday’s highest high, the buyers may go long in the pair and push the price towards the North further.
This trade idea was generated by our powerful Elite Swing Trader System on an H4 time frame.
The chart shows that upon producing a bullish candle, the price headed towards the North with good bullish momentum. It had a rejection at 1.78465 and had a bounce at 1.77585. The level of 1.77585 is a Fibonacci level. Thus, if it produces a bullish reversal candle, the buyers may go long in the pair above the level o 1.78465.
- Buy Stop: 1.78284
- Stop Loss: 1.77148
- Take Profit: 1.79241
The pair was bearish for several days. Yesterday’s daily candle came out as a bullish candle after the bearish move. It means that the price is around the level of support and it has enough space to travel towards the North. This may attract the buyers to go long as far as the H4 chart is concerned. However, the daily chart is still bearish biased. The buyers are to wait for the price to consolidate and produce a bullish reversal daily candle to go long in the pair. Here the H4 chart is bullish and the daily chart is neutral. When a chart is neutral, we may flip over to the preceding chart to look for entries.
When you spot a mistake especially when it comes to the price, please use common sense and check the chart.
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