EURNZD showing signs of our market structure. Has had multiple lower highs swings, and then momentum became to exhaust. A reversal of the trend has triggered.
The 1.6962 zone was resistance. The breakout occurred, and then price pulled back to retest. The last 4 hour candle close indicated that buyers are stepping in, and a higher low has been confirmed.
I am targeting the 1.71 zone for my first target. We could make another swing depending on how price reacts at that level.
Placing my stop loss below the retest, and targeting 1.71 gives me close to a 1:3 risk vs reward ratio.
The 1.6962 zone was resistance. The breakout occurred, and then price pulled back to retest. The last 4 hour candle close indicated that buyers are stepping in, and a higher low has been confirmed.
I am targeting the 1.71 zone for my first target. We could make another swing depending on how price reacts at that level.
Placing my stop loss below the retest, and targeting 1.71 gives me close to a 1:3 risk vs reward ratio.