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Chart is shared only for the educational purpose
Forecasted Pattern = Falling wedge Direction = Buy Expected Risk : Reward = 1:3
Head and Shoulders Definition: A head and shoulders pattern is also a trend reversal formation. It is formed by a peak (left shoulder), followed by a higher peak (head), and then another lower pea k (right shoulder). A “Neckline” is drawn by connecting the lowest points of the two troughs. Neckline support does not need to be strictly horizontal. ....
On EURNZD its quite evident the retracement has been intended!!
As a price action trader we only spot pin point location for entry and not to chase the trend.
Reversal on 1 hr On 2 min breaking 160 ma down Sell 7591 Stop 7625 Tp 7573
Resistance has already respected three time. if price approaches demand zone.it will respect it and reject from there. R:R 1:6.5
Long term trend - Short Nature - Corrective Phase Pattern - Ascending channel Stoploss - 50 pips Risk: Reward - 1:6 Ascending channel is a reversal pattern thats highly suggestive of a change in trend from long to short
The 4-hour is turning down against 1.9927 high seen on 3/19/2020. 1-hour is turning up against 1.7153 low. Near-term, while dips stay above 1.7153 low, expect pair to extend higher to correct cycle from 6/11/2020 peak as a flat before downside resume. Short term trade EURNZD LONG @1.7360-40 TP: 1.7480 SL: 1.7310 Good luck !
Trading suggestion: . There is a possibility of temporary retracement to suggested support line (1.735). if so, traders can set orders based on Price Action and expect to reach short-term targets. Technical analysis: . EURNZD is in a range bound and the beginning of uptrend is expected. .The price is above the 21-Day WEMA which acts as a dynamic support. ....