NeshamaTrading

EURNZD Un-happy ending

Short
FX:EURNZD   Euro / New Zealand Dollar
Whats up all!

Here we have FX:EURNZD which has been setting up for a very nice short over the two last weeks, we are looking at multiple TVC:EXY pairs as we expect a lot of further weakness to come in the near future due to a struggling EUROZONE.

As we can see on the chart, FX:EURNZD has been flirting with the monthly resistance at 1.67-1.674 which it was unable to push above on 3 previous occasions. Currently the pair is trading within a rising wedge is a bearish chart pattern and what we are looking for in this case is for bearish continuation.

The first support is our target of 1.63 followed by 1.60 and finally 1.57

Have a great week guys and REMEMBER, a trader is only as success as his risk
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Comment: These are great pull backs to add on too.

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