Dear Traders
The trade idea is position trade of holding it long term followed by confluences to support my set up with Risk Management of 1-2% risk.
1. 16th March 2020 is where Weekly Candlestick hitting all time high for Euro/NZD at 1.99271
2. Price immediately was reversed by a downtrend of price retracing back towards monthly support: 1.7100, however the end meets and price reversed with a morning star pattern at 1.7200
3. Price remain bullish after breakout, i am waiting for a retest/pullback to be found near daily level: 1.7625 for price to continue impulsive phase.
4. NZD was one of the first economy to recover the pandemic levels along with other asian currencies, however Euro/Usd, Eur/Jpy has recovered well the pandemic levels.
5. EURNZD is a slow pair but the idea is worth the risk and with the confluences, i am taking this trade with 1:14% risk to reward ratio set up
However i am waiting for final confluences before this trade lift off, currently BUY LIMIT ORDER is set.
Risk: 164 pips
Reward: 2310 pips
The trade idea is position trade of holding it long term followed by confluences to support my set up with Risk Management of 1-2% risk.
1. 16th March 2020 is where Weekly Candlestick hitting all time high for Euro/NZD at 1.99271
2. Price immediately was reversed by a downtrend of price retracing back towards monthly support: 1.7100, however the end meets and price reversed with a morning star pattern at 1.7200
3. Price remain bullish after breakout, i am waiting for a retest/pullback to be found near daily level: 1.7625 for price to continue impulsive phase.
4. NZD was one of the first economy to recover the pandemic levels along with other asian currencies, however Euro/Usd, Eur/Jpy has recovered well the pandemic levels.
5. EURNZD is a slow pair but the idea is worth the risk and with the confluences, i am taking this trade with 1:14% risk to reward ratio set up
However i am waiting for final confluences before this trade lift off, currently BUY LIMIT ORDER is set.
Risk: 164 pips
Reward: 2310 pips