EURNZD, daily timeframe, buy on strong support rejectionHello my friends,
I just found an interesting opportunity at EURNZD pairs. This pair has been going down for 600 pips from the recent rally. In my opinion this looks like an exhaustion after a fierce 1100 pips upward movement.
I tried to analyze this chart using fibonacci retracement and this pair seems to respect 61.% fibs retracement.
There is also ichimoku cloud support, horizontal support and EMA-200 at this 1.7600-1.7550 area so we could say this is an area of confluences.
I am going to buy EURNZD at the beginning of Monday to try this opportunity.
Buy EURNZD 1.7590
Stop loss 1.7450
Take profit 1 @1.7730
Take profit 2 @1.7870
Take profit 3 @1.8010
RR ratio is 1 : 3
Use only 1-2% risk
Good luck
