EURNZD - Price has tested channel resistance
EURNZD has triggered a bounce on channel resistance. This is a confirmation that the price will initiate a trend reversal in the next hours or days.
On chart you can see 2 possible trades: Both can be running at the same time depending on market moves.
1. The price keep falling. In this case the final target will be 1.7300 which is located right before 50 fib level. Partial profit could be taken as soon as price reach bullish trend line (In white). At this moment stop loss will be set at break even in order to secure profit.
2. A second trade will be placed at 1.7900. The idea is to anticipate a possible retest of the top of the channel. The stop loss will remain the same. The take profit will be on 23.6 fib level. Stop loss can be moved to break even as soon as there is 150 pips profit.
On chart you can see 2 possible trades: Both can be running at the same time depending on market moves.
1. The price keep falling. In this case the final target will be 1.7300 which is located right before 50 fib level. Partial profit could be taken as soon as price reach bullish trend line (In white). At this moment stop loss will be set at break even in order to secure profit.
2. A second trade will be placed at 1.7900. The idea is to anticipate a possible retest of the top of the channel. The stop loss will remain the same. The take profit will be on 23.6 fib level. Stop loss can be moved to break even as soon as there is 150 pips profit.
Trade closed: target reached:
+470 pips
Stop loss at break even
Final target 1.7300