Hi Traders,
Following up with EURNZD forecast I shared last week, this pair is moving as planned, and it is about to complete three-wave ABC zigzag corrective phase "blue" after a five-wave impulsive move that breaks out of descending trendline and resistance level.
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The ABC zigzag whose the C leg is most likely to terminate at 38.2 Fib level that lined up with support zone and moving averages is wave 2 of larger wave C zigzag pattern (check the forecast post).
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The price has the potential to move up towards resistance 1.71154 and 1.618 Fib Extension level respectively.
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We will wait for the completion of the (C) leg and look for the breakout of the blue Counter Trend Line (CTL) for conservative entry. Another way to enter the setup is to set a buy stop order above the high of (B). The stop loss for both entry type is the low of C before the breakout of CTL.
.
What's your thought on EURNZD? Let me know in the comment.
.
Thanks for reading!
Veejahbee.
Following up with EURNZD forecast I shared last week, this pair is moving as planned, and it is about to complete three-wave ABC zigzag corrective phase "blue" after a five-wave impulsive move that breaks out of descending trendline and resistance level.
.
The ABC zigzag whose the C leg is most likely to terminate at 38.2 Fib level that lined up with support zone and moving averages is wave 2 of larger wave C zigzag pattern (check the forecast post).
.
The price has the potential to move up towards resistance 1.71154 and 1.618 Fib Extension level respectively.
.
We will wait for the completion of the (C) leg and look for the breakout of the blue Counter Trend Line (CTL) for conservative entry. Another way to enter the setup is to set a buy stop order above the high of (B). The stop loss for both entry type is the low of C before the breakout of CTL.
.
What's your thought on EURNZD? Let me know in the comment.
.
Thanks for reading!
Veejahbee.
