EURNZD: Don't miss if it breaks!

FX:EURNZD   Euro / New Zealand Dollar
1785 10
The pair is inside a daily corrective structure which has all potential to break and soon! The result would be an impulse up with a potential of 1000-3000 pips. On the weekly we have had a huge impulse (4600 pips) up followed by a deep correction (3400 pips) down and this highly looks the bottom of the correction and if so it means another impulse up would be imminent followed by a breakout of the current daily correction show in the chart.

Note: Setup will be valid only if a break below is confirmed, any buy entries should be made after the confirmation, if the pair goes down from here there will be no trade taken and this setup will be invalid.

IMPORTANT: The setups posted here are not trade calls or signals and are intended for informative purpose only and you should use your own strategy to determine entries and exits. They reflect my general view of the market and does not mean you should take the trades without a proper trading plan or strategy, If you would like to get all my setups together with exact entries and exits with please visit http://www.thepiphunter.com and subscribe.

Comment: weekly picture
Comment: possibility of BO today
Great Chart! I have a similar idea and will be watching this all day because also think we could see a BO here! GL
+1 Reply
piphunters jarodp42
thanks, good luck you too
tricky BO we had, I am still waiting for the rate cut today to see this pair flying up.. it will go up, sooner or later. I am aiming for 1.62 in the next few weeks. For now just eating my swap fees
I am not in yet, waiting for the setup to form, will see tonight in Asian session after rate decision
+1 Reply
fxfxfx piphunters
wise decision -0.25% cut didn't even scratch the surface
still more strength expected for NZD short term
+1 Reply
Great idea Piphunters,I also have the similar setup
piphunters Roncriss
thanks, good luck
is the body also have too brake on the h4 ?
piphunters MMooijekind
several different methods out there for confirmation, you need to use one you know well and is proven
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