I made an idea the other week about longing EURNZD when the retracement occurs, and it seems that the retracement has occurred nicely correcting the price. However, looking into the left, price has broken the previous lower high structure indicating that a push higher is incoming for EURNZD but there is one thing we need to test before entering, which is the old resistance level as this area hasn't been tested for support recently. We have multiple support for this area too such as the 61.8 fib retracement, previous order block, previous range box and the fact that this will be the first time the support is touched. The 4hr fractal low has been broken into but price rejected back in then the market closed with a bearish candle touching the fractal indicating a possible market open low breaking that level to then touch the support area and hopefully if price moves smoothly, it will reject off that area and reverse upwards. I hope this idea helps you traders, happy trading :).
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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.