EURNZD Great Level To Go Short

FX:EURNZD   Euro / New Zealand Dollar
1016 5 40
Long term EURNZD             is bullish but we may now have a very good opportunity to short this market. Price has reached a level where we meet previous structure and the 0.382 fib level of a daily downtrend. We already may see that price has rejected this zone adding to our thoughts selling. In addition we have a bearish divergence on MACD and if someone likes counting waves it's clear we have a five wave cycle with fifth wave reaching our key zone.

Too many factors for a sell trade..!
Comment: With profit at about 1.5:1 we may now move stoploss to BE for risk free setups. Many traders ask me what breakeven is. It means that when in profit, we move our stoploss at entry point to secure that no matter what happens we won't lose money in that trade. Some traders place it at a level to take a very small profit.
Trade closed: target reached: Move your stoploss to BE at second position
fxprotrader is always right ;)
+1 Reply
i am long on this as i dont see any reason to go short
Fxprotrader 2Smart2Trade
Someone must be wrong so another can profit :) Good luck mate ;)
Great charting! Thank you!
+1 Reply
Fxprotrader sacamafra
Thank you mate :)
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