It looks like EUR/NZD has potentially completed a five-wave structure downward, which could set the stage for short positions if the following conditions are met:
1️⃣ A corrective three-wave structure forms, ideally reaching around 1.89960, aligning with the 61.8% Fibonacci retracement.
2️⃣ A downward move follows, breaking below 1.88014, confirming a potential wave B breakout of the correction.
3️⃣ A potential continuation of the decline toward 1.85230.
However, if the pair fails to form a proper correction and instead continues to rally—breaking above 1.91700—this will invalidate the short setup and suggest an alternative wave scenario.
1️⃣ A corrective three-wave structure forms, ideally reaching around 1.89960, aligning with the 61.8% Fibonacci retracement.
2️⃣ A downward move follows, breaking below 1.88014, confirming a potential wave B breakout of the correction.
3️⃣ A potential continuation of the decline toward 1.85230.
However, if the pair fails to form a proper correction and instead continues to rally—breaking above 1.91700—this will invalidate the short setup and suggest an alternative wave scenario.
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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.