EURNZD - 04-08 Jan 21 Week trade Plan

This is my 04-08 Jan 21 Week trade Plan for EURNZD.

With EURNZD ended Dec 2020 with bearish close confirming the bearish momentum, I'm expecting a bounce from the HTF support created 24 Nov 2020 at 6980 which is expected to be rejected at/below 7080/7100 for bearish momentum continuation and retest/break and close below 6980 for targets at 6880 and 6780.

A reversal can also be in place in case of the support/double button formation at 6980, a break of the 7220 and solid support formation above 7180 will confirm this scenario which can trigger longs to retest 7345.

Weekly Close : Bearish
Daily Close : Bearish
4H : Bearish

Overall view is Bearish till a daily close and forming solid support above 7220.

Levels to watch:
- 1.7600
- 1.7450
- 1.7345
- 1.7220
- 1.7080
- 1.6980

Comment:

EN rejection zone at 7080/7100 managed to hold and price went down back to support zone confirming the retracement is over from HTF and we are looking for more downside. I'm currently looking for 1H retracement and solid resistance formation to give range for shorts to break the 6980
4H Chart:

Comment:

Continuation for Bearish momentum as planned ,TP1 and TP2 reached. Currently retracement till previous support zone turned resistance ay 7050/80 could be seen. Looking again for Resistance formation below the resistance zone 7050/80 for shorts to test the lows created and the continuation to TP3.

Comment:

Mistake in the above zone , it's 6950/80

Comment:

As planned , EN retraced to the 6950/80 zone created a resistance to retest the created lows and with a break we will target 6780 TP3.
4H Chart: