EURNZD - all time (charted) lows broken and retested.

FX:EURNZD   Euro Fx/New Zealand Dollar
237 4 5
All-time lows (at least the ones charted on TradingView) have been broken yesterday and price action went for a retest of that level. (green dotted line).

It is reasonable to expect price to continue the downwards trend given the QE measures and an "ideal" AB=CD pattern in the making.

There are several ways we can enter this trade :

- at market : stops would have to go above 1.4920 giving the retrace to previous low an less than 1/1 RR ratio
- wait for the formation of a double top , and wait for confirmation of a descent - in which case we can put our stops above the little top and improve our RR ratio
- wait for the formation of a 2618 pattern ( double top , break below neckline and . 618 retracement of previous down move) - the most conservative way.

Maybe it's not the best option to enter it right before the weekend, so I'd advise to give it a wait and see on Monday opening what the market has done and if it is still a valid opportunity.

Good luck and may the pips be with you !
May the pips be with you!
+1 Reply
Hey, thats my line ! Hehehehe, thanks a lot for your comment and good luck ! :)
Max_N Nico.Muselle
Thank you for all the ideas you shared. They are really helpful.
And I'm also a big fan of the Star Wars. :)
*UPDATE : we actually did have another retest at the resistance level and the descent is now ongoing
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