Categories: Forex Education

EURNZD might be going down

The Euro performed well recently against the New Zealand, but it was mostly due to the weakness of the Kiwi Dollar. There is a false break noted on the hourly timeframe of the EURNZD pair, which is the first sell signal. Looking at the 4-hours chart, there was a bullish trend line, which is almost breached by sellers to clear the way for more downsides.
We should be looking for one final spike before, then a short-term correction in two waves to enter a sell trade.

Technical Analysis
H4 – Bullish trend line break, which suggests downside is likely in the short term.

H1 – False break signaling sellers are taking control.

Entry:
M15 – We can enter a sell trade for the EURNZD pair if it sets a bottom around 1.6360-80 and corrects higher in two waves as seen in the chart attached.
Target 1: 1.6300
Target 2: 1.6240
Stop Loss: Above the last high created before entering a sell trade.

Video Explanation:

Yours,
Vladimir

Vladimir Ribakov

Following 11+ years of trading experience, trading my own accounts as well as for hedge funds and brokerages, I have decided to fulfill my destiny and to personally mentor Forex and Commodities traders. When I released the “Broker Nightmare” (software that hides trades from brokers) 8 years ago, I found an overwhelming number of frustrated people who genuinely wanted to learn how to trade the Forex market, but instead found themselves scammed and misled. Over the years I have also release other trading systems based on my trading strategies, and met a lot of people on my worldwide Forex seminars. We’ve formed a close Forex community and we meet once or twice a year in various locations in Europe.