EURNZD short at market price (bid 1.7631) Take profit: 1.7350 Protective stop: 1.7768 Risk Ratio (RR): 1: 2.2 (approx.) Estimated duration: 21 days
Relevant as long as EURNZD is above 1.7580
Note: The potential drawdown is a re-test of 1.7680. We are still uncertain if this is an early entry, we are willing to absorb the potential drawdown should it materialize.
In an event EURNZD does re-test 1.7680 in tomorrow's session, if we are too close to the market prior to the Non-Farm Payrolls (on Friday) we may temporarily widen the protective stop due to the spread widening.
This is a daily entry.
Comment
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Our entry in EURNZD was early as the price is re-testing 1.7730 at the time of this writing (which was highlighted on the chart).
We decided to provide more room for the trade, the protective stop may require further adjustments. We are shifting EURNZD protective stop to 1.7796.