EURNZD has been having a strong Bearish momentum on the H4 chart. The price has kept making lower lows on the chart and heading towards the South. As things stand with the chart, it shows that the pair had a consolidation. Thus, if it makes another breakout towards the downside, then the sellers will have another opportunity to go short on the pair and grab some green pips. Let us have a look at the H4 EURNZD chart.
EURNZD Price Action Analysis – 13th Nov 2018
The chart clearly suggests that the sellers have been dominating on the pair. The level of 1.66690 is the level, which made the price go upward a little up to the level of 1.67295. The level of 1.67295 has the potential to be the level of Resistance here. If it does happen and we get an H4 breakout at the level of 1.66690, then the price would go towards the level of 1.65000. Summary of the trade…
- Sell Stop Order: 1.66690
- Stop loss: 1.67295
- Take profit: 1.65000
- 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
EURNZD is a pair, which usually has more spread than the usual pairs. However, if we look at the daily range of EURNZD, then it seems to be lucrative to trade on the pair. The pair moved down about 160 pips yesterday whereas EURUSD moved down less than 120 pips yesterday. This means EURNZD’s has some extra pips to offer. These pips may well cover the extra spreads that we pay to the brokers. We need to count both of them.
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