EURNZD Sell Setup Update

2
84

Click To Join Our Community Telegram Group

Hi traders!

In the weekly forecast I shared with you in this article, the EURNZD sell trade idea was discussed. The pair made a nice move lower scoring around 80+ pips and it is time to think about what’s next.

Here is a quick recap of the setup.

EURNZD Sell Trade Setup

On the Daily chart we saw a triple cycle starting from the end of July 2019 and completing the cycle with the swing high on November 16th at 1.7700.  Ever since, the price started developing a bearish trend, forming a bearish channel as shown in the screenshot below.

The RSI triangle formation was broken down and the indicator started trading below 50.

This is where, we saw the price bouncing off of the bearish channel on the H4 chart and the expectation for continuation lower, at least until the point a bullish divergence appears came in play.

This is exactly what we got – price pushed lower below the swing low formed at 1.7130 and formed bullish divergence. Even though I still expect the pair to continue lower as long as the price remains inside the bearish channel, it might be a good idea to cash out partially (at least).

Yours to success,

Vladimir Ribakov

Click To Join Our Community Telegram Group

2
Leave a Reply

avatar
2 Comment threads
0 Thread replies
0 Followers
 
Most reacted comment
Hottest comment thread
1 Comment authors
BrianAdam Recent comment authors
  Subscribe  
newest oldest most voted
Notify of
Brian
Guest
Brian

Thank you so much!

0
Adam
Guest
Adam

Thank you Vlad, its so nice of you to help traders like me

0