EURNZD showing signs of potential exhaustion and a correction or reversal possible. Bollinger Bands indicating possible turn which is supported by larger retracement of last daily move down.
Short trade low risk high reward entry around 2.0390 30 pip stop with 110 pip target.
Reason for trade is the pair may be ending a cycle.
This is how we traded GBPCAD looking for longs initially but did not get entry, after long targets hit we looked for shorts.
Short trade was issued based on price movement of equal size giving entry area with tight stop of 15 pips risk reward 1 to 5
Hoping for correction similar to previous correction on Daily chart which could act as support around 110.00 area.
A descending wedge on the daily chart offering great risk reward if stop below the lows. Initial targets would be around 1.6300.