On the daily we can see that EURNZD is trading within a descending channel back down to pre-pandemic levels and the 200EMA. We have reached the apex of this channel which makes for a great trade set-up as it gives us a 3:1 risk reward which is something I will take every single day of the week. We have created a systematic sequence of lower lows and lower highs which further confirms this and I believe the formation of the next lower low is imminent hence the TP being at the bottom of this descending channel. Tomorrow is also Friday whereby lots of traders may take their profits from the bullish week this pair has seen which should get this trade off to a profitable start.
NZD had a poor week in terms of fundamentals here but expecting a recovery/retracement to get back in the game, especially as their lockdown as eased but I always trade technicals over fundamentals so still like the look of this trade.
Good luck traders.
NZD had a poor week in terms of fundamentals here but expecting a recovery/retracement to get back in the game, especially as their lockdown as eased but I always trade technicals over fundamentals so still like the look of this trade.
Good luck traders.