Greetings, fellow traders! Let's dive into the exciting world of forex trading and explore a promising opportunity in the EUR/NZD currency pair.
Our focus today is on EUR/NZD, which has displayed a compelling ABC bullish pattern on its daily chart. This pattern presents a potential pathway for traders to capitalize on.
As we analyze this setup, we can observe that the price is currently trading above the critical level of support at EL: 1.77224. To manage risk, it's advisable to set your stop-loss just below point C at ST: 1.75311.
Now, let's talk about potential targets. The ABC pattern suggests some interesting levels to consider:
Target 1: Aim for the 62% retracement of the AB leg, which sits at 1.83435.
Target 2: For a more ambitious goal, look at the 79% retracement of the AB leg, at 1.85685.
Target 3: If the market really starts to run, consider the 127% extension of the AB leg, which is at 1.92064.
Target 4: For those with an appetite for further gains, the 162% extension of the AB leg could be your ultimate destination, reaching 1.96628.
Happy trading, and may the pips be ever in your favor!
Our focus today is on EUR/NZD, which has displayed a compelling ABC bullish pattern on its daily chart. This pattern presents a potential pathway for traders to capitalize on.
As we analyze this setup, we can observe that the price is currently trading above the critical level of support at EL: 1.77224. To manage risk, it's advisable to set your stop-loss just below point C at ST: 1.75311.
Now, let's talk about potential targets. The ABC pattern suggests some interesting levels to consider:
Target 1: Aim for the 62% retracement of the AB leg, which sits at 1.83435.
Target 2: For a more ambitious goal, look at the 79% retracement of the AB leg, at 1.85685.
Target 3: If the market really starts to run, consider the 127% extension of the AB leg, which is at 1.92064.
Target 4: For those with an appetite for further gains, the 162% extension of the AB leg could be your ultimate destination, reaching 1.96628.
Happy trading, and may the pips be ever in your favor!
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