darcsherry

EURNZD | PERSPECTIVE FOR THE NEW WEEK

Short
FX:EURNZD   Euro / New Zealand Dollar
As price continues to respect bearish Trendline , Price hits key level @ 1.73500 area once again with tendencies of repeating the Bearish run that started on the 10th of Nov. 2020. This level which is also within 61.8% retracement of the last impulse leg gives more substance to my bearish bias with a projection of 127.2% extension.

Tendency: Downtrend ( Bearish )
Structure: Double Top | Support & Resistance | Trendline | AB = CD
Observation: i. As price continues to respect the major Trendline since Oct. 2020; we are at a juncture where it appears price might find it difficult to break 1.73500 which shall be my yardstick to follow or go against my bearish bias.
ii. Target is pegged at 127.2% extension of previous Impulse leg.
Trading plan: SELL confirmation with a minimum potential profit of 400 pips.
Risk/Reward: 1:5
Potential Duration: 1 to 5 days

NB: This speculation can be considered to make decisions on lower timeframes.

Watch this space for updates as price action is been monitored.


Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.

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