EURNZD Price Action Analysis – 20th Sept 2017
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EURNZD has been bearish on the H4 chart. The price has been trapped within a down trending channel. Today, the pair reacted on the resistance of that channel again by making a huge bearish move. It is the time for the sellers to wait for a correction. If the price goes back to that breakout level and gives us a Bearish Engulfing Candle, then selling the pair would give us some green pips. Let us have a look at the H1-EURNZD chart…
- Sell Limit Order: 1.63580
- Stop Loss Level: 1.64350
- Take Profit: 1.62150
- Validity: 72 hours
- Whenever possible, move the stop loss to the entry price and whenever you want, you can take profit anytime as long as you feel comfortable
We have FOMC today. Thus, most of the pairs have been sluggish today. NZD and AUD pairs look good though. Since EURNZD is a non-US pair, thus it might go technically from here and produce the signal that we are eying on. We have to make sure that the signal comes at least 2 hours earlier than the FOMC meeting minute though.
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