EURNZD Price Action Analysis – 7th Sept 2018
EURNZD is one of the pairs within very few, which has been having a strong uptrend on the Daily chart. The pair has been very Bullish on the Daily chart for the last twelve weeks. As things stand with the pair, it seems that it is getting ready to make another breakout and to head towards the North. Let us have a look at the D1 EURNZD chart.
After making a higher high, the pair had two consecutive Bearish days. However, the level of 1.75920 has been held. It seems that the level is going to play an important factor in either way. If it is to go upward, this level has to be the Support. On the other hand, if it is to go down, this level would be the Resistance. We are eyeing to get a Bullish Engulfing Daily candle by making it the Support. If that happens, then the price would go towards the level of 1.79450. Let us have a look at the summary of the trade…
- Buy Stop Order: 1.77275
- Stop Loss: 1.75920
- Take Profit: 1.79450
- 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
Since this trade setup is based on the Daily chart, both Stop loss and Take profit have a long way to go for the price to reach. We have to be extremely patient with our entry and we must not hurry closing it after making some profit. We have to learn the art to let the profit trade run as long as it is possible.
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