An Inverted head and shoulder set up is seen on the EURNZD pair’s 4 hour chart. The pattern does not look extremely accurate but has all the essential elements. The neckline of the pattern is formed around the 1.7350- 1.7380. It can be noticed the pair has breached the neckline area and when retested the pattern’s neckline is acting as a strong resistance for the pair. In case the pair breaches the mentioned zone or gave daily close below then it might open some downside risk for the pair. So it is advised to enter the trade around 1.73780 with a target for the pair set at 1.75230. The nearest stop loss for the pair is set at 1.72880.
Commentaire:
target achieved!!