Hello fellow traders. In this technical article we’re going to take a quick look at the of EURNZD published in members area of the website. As our members know, the pair is showing bullish sequences in the cycle from the April 2022 low. Our team recommended members to avoid selling , while keep favoring the long side. Recently we got correction that reached our buying zone. The pair found buyers and made reaction from the blue box as expected. In the further text we are going to explain the Elliott Wave Forecast and trading strategy.
EURNZD Elliott Wave 1 Hour Chart 05.04.2023
The pair is giving us wave (ii)) pull back that is unfolding as Zig Zag pattern. Structure of the pull back looks incomplete at the moment. We expect to see more toward 1.7387-1.7107 area which will be our buying zone. We don’t recommend selling the pair against the main bullish trend. Strategy is waiting for the price to reach blue box- equal legs zone, before entering the long trades again. Once bounce reaches 50 Fibs against the (b) blue high , we will make long position risk free ( put SL at BE) and take partial profits. Invalidation for the long trades is break of 1.618 fib ext : 1.7107
Quick reminder:
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Red bearish stamp+ blue box = Selling Setup
Green bullish stamp+ blue box = Buying Setup
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EURNZD Elliott Wave 1 Hour Chart 05.14.2023
The pair made decline in C leg and reached buying zone at 1.7388-1.7108 area ( blue box) . Pull back completed at the 1.71945 low and we are getting good reaction from the buying zone. Bounce reached and exceeded 50 fibs against the connector’s high. So members who took the long trade are enjoying profits now in a risk free positions.
Keep in mind that market is dynamic and presented view could have changed in the mean time. You can check most recent charts in the membership area of the site. Best instruments to trade are those having incomplete bullish or bearish swings sequences. We put them in Sequence Report and best among them are shown in the
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Source:-forecast.com/trading/eurnzd-buying-dips-blue-box-area-2/
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