Pair of Name FX:EURNZD Time Frames : 4H Direction : Short Type : Trend line break ———————— EUR/NZD looking strongly downwards with the support from a major down trend line
after breaking this support area. And we are expecting this to be a new Resistance area at 1.78870$. we are in expectations of a retest of not only the trend line but also the resistance level at the same time. A powerful indication to go short. Not only is this a powerful indication but as the Fibonacci level 0.786 at area 1.79030$ Which is also known as a trade area for traders. our target is lying close to the monthly low. ( 80 PIP = 0.45% from the monthly low ) at just area 1.77080$ We are expecting a bullish reversal from the liquid trend line
Summary
Wait for a retest of trend line and resistance area.
Look for a clear entry sign on the 15 minute chart.