EURNZD remains a sell option below the 1D MA50
The EURNZD pair continues trade on a bearish trend following our latest analysis last month. The price remains below both the 1D MA50 (blue trend-line) and the 1D MA200 (orange trend-line) and within the long-term pattern of the Channel Down since the August 20 2020 High, it is aiming for at least the 1.5600 Support.
The Buy Zone of the Channel Down is located right below the Support. A buy there offers an excellent Risk/ Reward ratio targeting the 0.5 Fibonacci retracement level (1.6491) but a break below the Channel Down, should see us taking the loss and shifting back to selling as based on the 2020 fractal, the price can go as low as the 1.618 Fib extension (1.4500).
--------------------------------------------------------------------------------------------------------
** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. **
--------------------------------------------------------------------------------------------------------
The Buy Zone of the Channel Down is located right below the Support. A buy there offers an excellent Risk/ Reward ratio targeting the 0.5 Fibonacci retracement level (1.6491) but a break below the Channel Down, should see us taking the loss and shifting back to selling as based on the 2020 fractal, the price can go as low as the 1.618 Fib extension (1.4500).
--------------------------------------------------------------------------------------------------------
** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. **
--------------------------------------------------------------------------------------------------------
👑Best Signals (Forex/Crypto+70% accuracy) & Account Management (+20% profit/month on 10k accounts)
💰Free Channel t.me/tradingshotglobal
🤵Contact info@tradingshot.com t.me/tradingshot
🔥New service: next X100 crypto GEMS!
💰Free Channel t.me/tradingshotglobal
🤵Contact info@tradingshot.com t.me/tradingshot
🔥New service: next X100 crypto GEMS!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.