EURNZD produced a Doji candle yesterday on the daily chart. The H4 chart shows that the price made a bullish move and found its resistance. The price has been in consolidation. A significant level may work as a level of support. If the level holds the price and produces a bullish reversal candle, the buyers may get a long opportunity later today. Let us have a look at the H4 EURNZD chart.
This trade idea was generated by our powerful Elite Swing Trader System on an H4 time frame.
EUR/NZD Daily Price Forecast – 21st April 2020
The chart shows that the chart produced a bullish engulfing candle and headed towards the North. Today’s first H4 candle came out as a bullish candle as well. As of writing, the price has been bearish in the last H4 candle. If the candle closes within the level of 1.80600, the buyers are to wait for the level to produce a bullish reversal candle. They may trigger a long entry above the level of 1.81155. Let us have a look at the summary of the trade…
- Buy Stop: 1.81080
- Stop Loss: 1.80281
- Take Profit: 1.82512
There is enough space for the price to travel towards the North. Thus, the buyers may consider taking a partial profit at the take profit level. The price may head towards the level of 1.82900. The daily chart shows that the price is forming a double bottom as well. The level of 1.82900 may work as the neckline of the double bottom. This means the price may make a breakout at this level; it may remain bullish in the coming days.
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