Good morning Forex Kings,

Great start to the week! Lets finish this week off with some more PIPS!

In this trade set up we are looking at the EURNZD

The NZD has been one of the top performing currencies this week as the RBNZ announced fresh stimulus for the NZ economy. The currency could be considered over bought against its major pairs.

EURNZD – Daily Time Frame

Firstly, we have hit the key FIB level of 61.8, there is a number of inclining support levels holding the price up. The pair have broken below the 200 day moving average which can be seen as bearish, however this may be a bear trap.

EURNZD – Daily Time Frame

There is a huge indecision candle on the daily time frame suggesting we could see a reversal.

We have now entered a BUY at market price with a stop loss of 1.6800 and a take profit of 1.7200