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Short

EURNZD Pulls Back to 50 SMA in Downtrend -- Time to Short

FX:EURNZD   Euro / New Zealand Dollar
34 0 1
EURNZD             has pulled back to its 50 SMA , in the context of a downtrend. We also see some signs of reversal candlesticks forming; the May 21 candle in particular -- an inverted hammer off resistance whose high has not been breached since -- could be viewed as a bearish checkmate. As such, I've put an order to short at 5995, with my stop at 6040 and my target profit at 5750. I'm risking 45 pips to gain 245, so my reward/risk on this setup is approximately 5.44.

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