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EURNZD has been bearish on the H4 chart. The price has been trapped within a down trending channel. Today, the pair reacted on the resistance of that channel again by making a huge bearish move. It is the time for the sellers to wait for a correction. If the price goes back to that breakout level and gives us a Bearish Engulfing Candle, then selling the pair would give us some green pips. Let us have a look at the H1-EURNZD chart…
Look at that huge bearish H1 candle. It broke through a massive level of support at 1.63580. The next candle is an Inside bar though. However, the price would need another level of resistance to attract more sellers from here. The best level of resistance here would be the breakout level at 1.63580. If the price goes back there and produces a Bearish Engulfing Candle, then there should be huge selling pressure to take the price further down. Let us have a look at the summary of the trade…- Sell Limit Order: 1.63580
- Stop Loss Level: 1.64350
- Take Profit: 1.62150
- 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
We have FOMC today. Thus, most of the pairs have been sluggish today. NZD and AUD pairs look good though. Since EURNZD is a non-US pair, thus it might go technically from here and produce the signal that we are eying on. We have to make sure that the signal comes at least 2 hours earlier than the FOMC meeting minute though.
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We hope that you enjoy our Free Forex Trading Signal today. EURNZD Price Action Analysis – 20th Sept 2017
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The post EURNZD Price Action Analysis – 20th Sept 2017 appeared first on Advanced Forex Strategies.
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