EURNZD WEEKLY ANALYSIS! (SHORT SETUP ON H4 TIMEFRAME)
Good day traders, I hope you all have a great weekend ahead and plan your trading strategy week ahead!
From weekly perspective, price has retested the key level which is at 1.7641 and ready to go to the downside. In H4 timeframe, price is moving in a down channel.
Therefore, in order to find a good short setup, price has to break the minor uptrend as shown in the chart and retest 1.7437 to potentially form a head and shoulder.
Entry price: 1.7432
SL: 1.7667
TP: 1.7192
Always go for a clear trading strategy and enter trade with good risk management. It's always you versus yourself instead of you versus the market.
From weekly perspective, price has retested the key level which is at 1.7641 and ready to go to the downside. In H4 timeframe, price is moving in a down channel.
Therefore, in order to find a good short setup, price has to break the minor uptrend as shown in the chart and retest 1.7437 to potentially form a head and shoulder.
Entry price: 1.7432
SL: 1.7667
TP: 1.7192
Always go for a clear trading strategy and enter trade with good risk management. It's always you versus yourself instead of you versus the market.
Comment:
Fundamental Update: Do note that on 18th June, EU will hold EU Summit to discuss the EU's May 27 Recovery Fund proposal. If agreement remain elusive and push to July, EURUSD will be pushed to the downside.
Comment:
Price yet to retest 1.7437, however, price remains within bearish trendline which traders are advisable to look for short entry rather than long entry. We will continue to monitor this pairing. Always trade with trends.
Comment:
Up to date, this trade is floating at the moment and price is still moving in downtrend.
Comment:
Took quite some time but price has finally hit our TP! Congrats to those who followed! Roughly 250 pips taken!