Long term EURNZD is bullish but we may now have a very good opportunity to short this market. Price has reached a level where we meet previous structure and the 0.382 fib level of a daily downtrend. We already may see that price has rejected this zone adding to our thoughts selling. In addition we have a bearish divergence on MACD and if someone likes counting waves it's clear we have a five wave cycle with fifth wave reaching our key zone.
Too many factors for a sell trade..!
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With profit at about 1.5:1 we may now move stoploss to BE for risk free setups. Many traders ask me what breakeven is. It means that when in profit, we move our stoploss at entry point to secure that no matter what happens we won't lose money in that trade. Some traders place it at a level to take a very small profit.