welcome to another free signal!
Target 1: 1.69028
Target 2: 1.69279
Target 3: 1.69637
Point of risk-reduction: 1.68696
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Peace and good trades
The pair is trading on a nearly year long bearish Head and Shoulders pattern on 1W, ranging (RSI = 51.063, STOCH = 51.102, MACD = -0.011) since last November within the neckline of the right Shoulder. The Highs and Lows within the neckline show that there is still upside potential before another bearish leg towards 1.63000. Medium term swing trades may find it...
Weak/neutral pair where NZD's coming back with strength after smashing down that 01.03 spike out from bulls.
Highlighted zones are composing a clear bearish pattern in this chart, thanks also to the new bullish impulse of NZD in the overall market,
that is passed from a really weak to a neutral status in the correlation analysis in these two weeks.
On the hourly chart, the price has formed and broken a bullish fractal after completing an ABC corrective move. The price structure gives me an indication that we are starting the 3d Elliott wave on this timeframe. Going long using level marked on the chart.
Symbol: EUR.NZD - Euro / New Zealand Dollar
Predicted Direction: Long
EUR.NZD - Euro / New Zealand Dollar updates will be available in the comments section below as price-action develops.