FX:EURNZD Euro Fx/New Zealand Dollar
The Euro has got a huge increase lately of euro longs based on the COT report and that technical break via EURUSD is apparent. Also, the retail crowd is strongly short, which helps piece things together even more. From a technical perspective I really like playing the Euro against the NZD because we are in a huge flag pattern that points to the next major resistance level of 1.79 based on resistance and the flag pattern measured move. I entered upon the break of the flag pattern and have about a 80 pip stop loss on it, which offers up to 13:1 on this trade if we hold all the way thru and make it to 1.79.