EURNZD: Price Reversal from New Resistance Zone

The price broke the support zone and SMA200. It gives us a bearish signal and a possible reversal from a new resistance. If so, the market will be able to give us new selling opportunities. As for entry points, it is better to use hourly timeframes. Stop orders should be placed above the local swing high and the daily downtrend line. The main profit target can be 1.71815 support.

If the price moves upside because of fundamental reasons, it will be possible to open long positions based on the breakout signal above the downtrend line and the resistance zone.

Risk for all trades must be no more than 1-2% from your capital.



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Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.