EURNZD: Multi Time Frame Analysis & Trading Plan

27. Apr. 2020

hey guys,

EURNZD on a very important structure level 1.785.
the price has already bounced two times from that level so it is absolutely normal two expect the third bounce.
however, because the current sentiment is predominantly bearish we should always be prepared for a bearish breakout.

here is your trading plan for both scenarios:

bullish -
4H divergence on RSI makes me think that the price may still retrace.
1.7925 - 1.785 is our decision range.
I will buy the pair in case of a bullish breakout of the range (1H candle close above)
with the initial target - 1.801 and the second targe 1.81
stop below the lower low within the range

bearish-
wait for a bearish breakout of an underlined support on 4H (4H candle close).
aim at 1.769
stop above the range

let the market make the decision and then just follow!
good luck!