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EURNZD Price Action Analysis – 6th Sept 2017
EURNZD has come out from congestion on the H4 chart. The pair produced some good-looking H4 bearish chart. On their way, the price broke an important level of support, which has the potential to be a good level of resistance. If the level is held and produces an H4 Bearish Candle, then selling the pair would get some green pips for the sellers. Let us have a look on the H4 EURNZD chart…
Have a look at those bearish H4 candles. They broke the level of 1.65350 and continued its bearish journey for one more candle. The price then started having correction. If the price goes up to the breakout level again and produces an H4 Engulfing Bearish Candle, then the price might make new lower low as far as the H4 chart is concerned. Let us have a look at the summary of the trade…
- Sell Limit Order: 1.65350
- Stop Loss Level: 1.66300
- Take Profit Target: 1.63500
- 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
The chart suggests that the price has been in a consolidation. However, we are not eyeing on the pair to sell off if the price makes out a breakout from here. If it does make a breakout, the price might make a new lower low, but the risk and reward ratio will not be that lucrative. That is why we are eyeing on the price to go back all the way to the breakout level again and to produce a bearish signal. The risk and reward ratio would surely be very lucrative then.
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