EURNZD Price Action Analysis – 3rd Dec 2018
EURNZD has been very bearish on the H4 chart. The price made another breakout towards the South on Friday. Today’s first H4 candle seems to be bearish so far. However, EURNZD sellers are going to wait for a pullback to take a short entry from a selling zone. Let us find out where that zone is. Let’s have a look at the H4 EURNZD chart.
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As the chart clearly suggests that the price made a strong breakout at the level of 1.65100. The level is a flip over resistance where the price reacted heavily earlier. Thus, the sellers would love to see the price go back to the level and get an H4 Bearish engulfing candle right at the level to take a short entry. Let us have a look at the summary of the trade.
- Sell Limit Order: 1.65100
- Stop loss: 1.66300
- Take profit: 1.63000
- 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
The price has been very bearish on the H4 chart, but H4 traders must wait here. Yes, the price might never come back to the recommended level and offer us the short entry, but it keeps going down. Then again, sellers are to wait here to sell the pair from a safer zone. As a trader, we have to make that sure every single time. It does not matter how good a pair looks to go short or long, we must buy from the safest support and sell from the safest resistance zone. If that does not happen, we skip taking an entry.
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