Analysis
-EURNZD looking bullish after showing signs of reversal. Sellers pushed price down into support but buyers brought it back up above support before the daily candle close.
-The price action resulted in a pinbar setup AT SUPPORT which is a bullish sign.
-On the 1H time frame, price just broke a bearish trendline to the upside.
-There is also bullish RSI divergence on the 1H time frame which further eludes to price possibly moving higher in the coming days.
-The reward/risk is good for the setup (given the distance between daily S/R levels)
Entry, Stops and Targets
-Long Entry: 1.6471 (Enter long after price pulls back, never chase a trade)
-Stop Loss: 1.6404 (Set stop below the daily reversal candle)
-Take Profit: 1.6605 (Set target at a minimum of 2 times your stop depending on entry)
= 2R
*Trade Safe and at your own discretion!*
-EURNZD looking bullish after showing signs of reversal. Sellers pushed price down into support but buyers brought it back up above support before the daily candle close.
-The price action resulted in a pinbar setup AT SUPPORT which is a bullish sign.
-On the 1H time frame, price just broke a bearish trendline to the upside.
-There is also bullish RSI divergence on the 1H time frame which further eludes to price possibly moving higher in the coming days.
-The reward/risk is good for the setup (given the distance between daily S/R levels)
Entry, Stops and Targets
-Long Entry: 1.6471 (Enter long after price pulls back, never chase a trade)
-Stop Loss: 1.6404 (Set stop below the daily reversal candle)
-Take Profit: 1.6605 (Set target at a minimum of 2 times your stop depending on entry)
= 2R
*Trade Safe and at your own discretion!*