ricky1270
Long

EURNZD Long Swing Trade Idea BUY LIMIT

FX:EURNZD   Euro / New Zealand Dollar
Euro/ Kiwi
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Price has been selling since the past few weeks and that has created compression in supply and price had reached an area this week, where demand is in great excess of supply and price rallied.

After been falling for months, price bounced on weekly demand this week and made a big push earlier this week

Having now changed the momentum to bullish briefly, this pair will look to break supply zones as it goes up. Seeing the daily zones on the 4hr, one can see the weakness in each zone above price as price has tested many times. BUT before we can confirm this revived bullish momentum, one would need to see a double bottom which would suggest that buyers are ready to take control of the market. Early Friday morning, we should see price fall to form a double bottom on the 4hr which would confirm the uptrend

So now patience.

Between tonight and Friday evening, price will fall to supply and then begin its ascendance on Monday for monthly high being April on Monday.

This could be seen as a swing trade in itself but having euro weakness currently may hinder its progress. Nevertheless, this will be a great pair to swing in the next coming months.
Price has a high probability of reaching at most 1.69.

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I will be setting a buy limit in preparation for this big move coming next week. Additionally if YOU so choose, you can sell at market execution in preparation for bearish pressure with SL 30 pips.


Sell @ Market execution
SL 30 pips
TP:: 150 - 200 pips


Buy Limit 1.63421
SL 50 pips
TP: 600 pips
Comment: So if you took the sell, you would be up 90 pips right now

Put SL in profit and hold for next week. We closed out the week in fine style

Enjoy your weekend!
Comment: Bearish pressure expected to continue tonight into tomorrow evening, where we will see our first bullish move and hold for long.

Be on guard for your stoploss, may have to move stoploss for heavy nearish pressure tonight
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