EURNZD has been in a pretty well-defined upward-sloping fork since early April. It's now grinding against this fork's lower quartile (LQ), and seems to be in the CD leg of downwardly impulsive ABCD.
Several possibilities for a long could present:
1) a bounce up off the LQ
2) if the LQ is crossed, the CD leg's P midpoint - a likely turning point - is pretty close to a sliding parallel that should also offer support for an upward bounce.
Depending on how EURNZD moves in the immediate future, a long trade with minimum RRR of 3-4 could be possible.
Several possibilities for a long could present:
1) a bounce up off the LQ
2) if the LQ is crossed, the CD leg's P midpoint - a likely turning point - is pretty close to a sliding parallel that should also offer support for an upward bounce.
Depending on how EURNZD moves in the immediate future, a long trade with minimum RRR of 3-4 could be possible.