EURNZD MONTHLY SWING BUY (3000+ pips)
Fundamentally, EUR is taking some heaving beating (-12.1 vs -1.6% GDP QoQ) which makes EN bearish. EURNZD seems to be on phase D of monthly Wyckoff Accumulation Schematic showing temporary Signs of Strengths(SOS) which then dropped significantly which I believe is due to the bond-buying scheme on EUR (March - April). Successful accumulation will bring us higher which could act as a pullback on the monthly before it's continuation to the downside. If we look on the daily chart, we can see that price is technically on a downtrend as it fails to close above the previous lower-high last week (1.73900) and successfully closed below the previous lower low (1.72000). It could possibly re-accumulate right now to clear the liquidity on the equal lows (below 1.78000) to then mitigate the weekly sell-to-buy candle on 1.70000. Area of interest is quiet big so i will have an alert just above the area and try to look for entry in the zone using a lower timeframe.TP 1 will be the key level 2.0000 where a weekly buy to sell candle has yet to be mitigated (2.01700) which is a potential 2900+ pips profit if things are going as planned.
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