My idea is that price will revisit the bottom and reject from breaking support of trendline. If this happens we may then begin to see a double bottom begin to form and should take advantage of buying opportunities.
After retest and formation of double bottom:
However, if price do not retest and takes out the high of...
The 4h price chart for EurNzd shows price moving to the downside in a bearish channel, and gives me reason to believe that the key level it has currently reached could serve as significant s/r levels. I expect that the bears will continue with another wave down based off of pervious price action.
I will be paying close attention to this pair, and looking for...
Recent price action creating higher highs.
Will enter long on draw back.
What's your thoughts on my analysis. Im a self teaching a newbie still in demo.
Constructed criticism and ideas welcome.