EURNZD – BUY – 17th February 2021

EURNZD – BUY – 17th February 2021 (Closed)

Good morning team,

We are taking another look at the EURNZD as the technical analysis is still valid from last week. It was the correct decision to close out with a small loss initially as the pair would have hit our SL. However we are now looking to reposition as it appears as though another breakout is on the cards.

EURNZD – Daily Charts

The EURNZD is still trading inside the falling wedge formation suggesting price action will breakout out in the near future. We are still expecting a move towards the 1.7060 resistance zone.

EURNZD – 1 Hour Charts

 

We can see a potential inverted head and shoulders formation in play, and we are now looking to position on the right shoulder ready for a breakout to the upside. Stops will need to be placed below the most recent swing low at 1.6710.

Trade Setup: BUY Market execution, current price 1.6790, stop loss 1.6700 and take profit target 1.7000. 

Stop loss: 90 pips

Take profit: 210 pips

Trade Setup
BUY - Market Execution

Entry
1.6790

Take Profit
1.7000

Stop Loss
1.6700