EURNZD Technical Analysis 2.26.2018
Looking at the 1 hour timeframe of EURNZD, the pair has found a temporary bottom on February 21/2018 and was followed by a good bounce higher. The bounce higher from the February 21 lows has done an Elliott Wave five wave impulse pattern calling for a continuation higher after a small corrective pullback. EURNZD at the moment has made a pullback in three waves and is poised to make another move higher. Other bullish patterns can also be seen to add more reasons that the pair will continue higher. Bullish pattern (green) has already triggered BUYS at the BC 0.50% Fib. retracement level. There is also another bullish pattern (purple) that has yet to trigger and will need to wait to see if price will terminate point C (purple) in the proposed blue box area. If the pair terminates point C (purple) in the proposed area and pullbacks to form the point D (purple) of the bullish pattern it is possible more bulls/buyers will look to get in the market and continue to push EURNZD even higher. Both bullish green and purple patterns invalidate if price moves below the point B low (green and purple) at 1.6724. If looking to BUY EURNZD stops should be placed at the invalidation 1.6724 level with first target at 1.6960 (2:1 risk/reward from green BC 0.50% Fib. level) and second target at the 1.7100 – 1.7120 area (4:1 risk/reward from the green BC 0.50% Fib. level).
EURNZD 1 Hour Chart February 26/2018
Of course, like any strategy/technique, there will be times when the strategy/technique fails so proper money/risk management should always be used on every trade. Hope you enjoyed this article and follow me on Twitter for updates and questions> @AidanFX or chat me on Skype > EWF Aidan Chan
*** Always use proper risk/money management according to your account size ***
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