FXDAH

EURNZD double top neckline breach -160 quick pips

Short
FX:EURNZD   Euro / Dollar Néo-Zélandais
Really textbook move from the EURNZD pair here. The NZD has had a weak fortnight or so but this double top that formed on the H4 chart demonstrated that some NZD strength was imminent. Price made a double top that lined up perfectly and I placed my sell-stop just above the neckline so I could enjoy more of the move. Further confirmation that a downside move was imminent came in the form that this double top formed towards the top of the bollonger bands meaning a return to the mean price is soon. On the daily, there was a huge reversal bar that formed yesterday where price made a new high but closed on the low showing the return of the bears - identifying this reversal on the D1 chart and double top on the H4 chart showed bearish pressure hence I had my targets 165 pips to the downside near the mean on the D1 Bollinger bands which has just been hit this morning. Will post more updates analysis and reflections soon.
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