EURNZD D CHART
THE RED BOX MARKS PREVIOUS STRUCTURE RESISTANCE. WE BROKE AND CLOSED ABOVE STRUCTURE ON 1/13/16, SO I WANT TO BUY THIS PAIR UNTIL IT BREAKS THE RECENT PIVOT LOW AT 1.6530. IT LOOKS LIKE PRICE IS PULLING BACK TO THE 1.6550 AREA TO RE-TEST THIS ZONE, WHERE WE WILL LIKELY SEE THE BUYERS STEP IN AND RALLY THE PRICE BACK UP.
USING THE RECENT UPLEG THAT BROKE RESISTANCE, WE ARE SEEING BUYING PRESSURE PUSHING OFF OF THE 50% FIB RETRACEMENT LEVEL. THE 50% FIB IS IN CONFLUENCE WITH THE ADVANCED PATTERN BUY ZONE ON OUR 4HR CHART BELOW.
EURNZD 4HR CHART
BULLISH CYPHER PATTERN
THE CYPHER IS YELLOW AND IT IS A BEAUTY. WE ALSO HAVE CD LEG CONFLUENCE WITH A POTENTIAL BEARISH GARTLEY OR BAT (DEPENDS ON HOW LOW DAILY CANDLES CLOSE).
MAKE SURE TO WAIT FOR PRICE TO STABILIZE AROUND 1.6550 – 1.6600. LOOK FOR SIGNS OF A REVERSAL (INDECISION, HIGHER LOWS/HIGHS, TRENDLINE BREAKS) PRIOR TO YOUR ENTRY.
STOP @ 1.6470, ENTRY @ 1.6550, TP @ 1.6838
80 PIPS : 288 PIPS (RISK : REWARD)
UPDATE (2/1/16@5:30PM EST)
I JUST GOT LONG ON $EURNZD @ 1.6645.
STOP IS AT 1.6470
TP IS AT 1.6995
STOP WILL BE MOVED TO BREAK EVEN IF AND WHEN PRICE TOUCHES 1.6760.
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