Now, EURNZD has declined 800 pips since its top 4 weeks ago. The current price of 1.54 is ideal for the creation of a bottom.
The pair has declined in a perfect 2 waves which have reached the 100 level duplication.
Due to the timing of this bottom, should prices rise from here, we could enter a new bullish trend of 700 or more pips.
Build a long position from this level, or, more conservatively, wait for higher highs on the 4H chart and a pullback for confirmation.
Should this level fail, I expect another 450 pip decline.
-- dave
The pair has declined in a perfect 2 waves which have reached the 100 level duplication.
Due to the timing of this bottom, should prices rise from here, we could enter a new bullish trend of 700 or more pips.
Build a long position from this level, or, more conservatively, wait for higher highs on the 4H chart and a pullback for confirmation.
Should this level fail, I expect another 450 pip decline.
-- dave