Hi Traders! EURNZD short term buy idea update and follow up is here. On March 23rd I shared this “EURNZD Short Term Buy Idea Towards Key Resistance Zone” post in trading view. In this post, let’s do a recap of this setup and see how it has developed now. If you would like to learn more about the way we trade and the technical analysis we use then check out the Traders Academy Club. Spoiler alert – free memberships are available!
EURNZD H4(4 Hours) Current Scenario
In this pair my view was bullish and I was expecting the price to move higher further after pullbacks until the strong support zone holds. The price action followed my analysis as I expected it to. The pullback that I was looking for happened and the price moved lower and reached the strong support zone. The price respected this strong support zone and bounced higher from this zone. We had a bullish divergence that has formed between the first low that has formed at 1.67346 and the second low that has formed at 1.66661 based on the MACD indicator which we may consider as a fact provided by the market supporting the bullish view. The price then moved higher and broke above the most recent downtrend line which we may consider as another fact provided by the market supporting the bullish view. The price then moved higher further delivering 260+ pips move so far.
You can see this clearly on the image below.
(Note: You can learn about a Killer Forex Strategy “Double Trend Line Principle” here)
So, traders, this is why I wanted to show this example to help you understand how important it is to follow the facts. The facts were supporting the bullish view here and there were no signs against it. When the facts do happen as we expected you can see how the price perfectly moved as per the plan. Because these are the kind of hints the market provides us at majority of the times and it’s our obligation as traders to be able to listen to these things that the market tells us and we should try to make the right actions.
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To your success,
Certified Financial Technician