EURNZD set to bounce in upward fork?

FX:EURNZD   Euro / New Zealand Dollar
147 4 0
EURNZD             has been in a pretty well-defined upward-sloping fork since early April. It's now grinding against this fork's lower quartile ( LQ             ), and seems to be in the CD leg of downwardly impulsive ABCD .

Several possibilities for a long could present:
1) a bounce up off the LQ            
2) if the LQ             is crossed, the CD leg's P midpoint - a likely turning point - is pretty close to a sliding parallel that should also offer support for an upward bounce.

Depending on how EURNZD             moves in the immediate future, a long trade with minimum RRR             of 3-4 could be possible.
A very nice reading of price action. I like your structure. It inspired me to make my own analysis based on it. I expect further decline to complete the doubling of the parallelogram to the downside.
cryptoyoda ForceFollower
:) I guess it's what you'd expect after crossing a pitchfork's ML, and I did notice an ABCD-like structure pointing that way (orange box):

But I kind of discounted it because the early bars were so choppy. Now that you mention it, the bars from 'a' to B are much more impulsive-looking - on 4hr view they meet RA's criteria - and put D right at a sliding parallel. I think that makes sense given the deviation above the top of the fork. But then, your parallels are basically like using a wider fork, which also makes sense!
ForceFollower cryptoyoda
That's right, I'm also happy about it. Just take into account the caveat that I'm no oracle, fortune-teller, clairvoyant, I've got no crystal ball, no magic wand etc. :-))) I may be wrong, but if was to risk my own money on EUR/NZD, I'd only look to go short (with a stop above the A or the lower high 5 bars prior to it).
Ok, it's deleted all the forks... This is what I meant:
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out