EURNZD had a huge adjustment to start the week. Yesterday the price produced an ideal Pinbar Daily candle. Moreover, today’s price action has been bullish so far. By looking at the H1 chart, it seems that the chart would offer long entry with excellent risk and reward ratio. Let us have a look at the H1 chart of EURNZD….
As we see on the chart, that the price had an adjustment. Yesterday’s initial movement was bearish. However, the price then went up and ended up by producing a Daily Pin bar candle. Today, we had some solid bullish H1 candles. The game plan to trade on this chart would be, we wait for the price to make new higher high first (I assume it would be around 1.55750). Then, the price should make some correction. If we get a 15 M breakout at today’s higher high after the correction, then we buy the pair.
Let us have a look at the summary of the trade
- Buy Stop Order: 1.55500
- Stop Loss Level: 1.54780
- Take Profit Target: 1.57300
The recommended pattern is an ABC pattern. We need to make sure that we take the entry after corrections. The price would have the good enough liquidity to move fast towards the North once we get the breakout. However, if the pace of the price movement is slow, do not lose patience. Be with the trade and wait for the price to go all the way to the recommended Take profit level.
You can also take a look at our previous (and most likely profitable) Free Forex Trading Signals Here.
We hope that you enjoy our Free Forex Trading Signal today: EURNZD Free Forex Trading Signals – 25th April 2017
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