BluetonaFX - EURNZD Head & Shoulders SHORT Idea
Hi Traders!
EURNZD has a potential head-and-shoulders pattern forming on the 1D chart, and there are opportunities for short entries to lead to a possible neckline break.
Price Action 📊
Recent lower market swings with lower highs and lower lows, and the market is about to break back below the 20 EMA.
We are looking for bearish momentum to fully complete the right shoulder and lead to a break and close below the neckline.
Fundamental Analysis 📰
The NZD has found strength and bounced off session lows due to the parliamentary elections, as the country voted for a change in parliament.
Support 📉
1.75127: NECKLINE
Resistance 📈
1.78600: PREVIOUS DAY'S HIGH
Risk ⚠️
No more than 2% of your capital.
Reward 💰
At least 4% of your capital.
Please make sure to click on the like/boost button 🚀 as your support greatly helps.
Trade safely and responsibly.
BluetonaFX
EURNZD has a potential head-and-shoulders pattern forming on the 1D chart, and there are opportunities for short entries to lead to a possible neckline break.
Price Action 📊
Recent lower market swings with lower highs and lower lows, and the market is about to break back below the 20 EMA.
We are looking for bearish momentum to fully complete the right shoulder and lead to a break and close below the neckline.
Fundamental Analysis 📰
The NZD has found strength and bounced off session lows due to the parliamentary elections, as the country voted for a change in parliament.
Support 📉
1.75127: NECKLINE
Resistance 📈
1.78600: PREVIOUS DAY'S HIGH
Risk ⚠️
No more than 2% of your capital.
Reward 💰
At least 4% of your capital.
Please make sure to click on the like/boost button 🚀 as your support greatly helps.
Trade safely and responsibly.
BluetonaFX
Comment:
Right shoulder still forming.