EURNZD A BASIC PRICE ACTION IDEAAs you may see the pair moves was restricted inside a rang for a while. The pair constantly shaping lower highs and higher lows which can be an indicator for a nested Elliott move. Recently the pair has just broken the range bottom with a five-wave move and then sharply corrected it to near the last high. but bears again came into play and we saw a strong rejection which may indicate the end of correction. So based on the nature of the move we can expect another downward wave which will trigger the last bottom and of course will break it. But before this, we may see some build-up. you may enter the position with a reward/risk ratio of about 3. put your SL slightly upper the big bearish candle and your TP at the previous bottom. Don't forget like and follow if you find this idea useful.
