Eurnzd Short Term Buy, H4 Chart
Overall Eurnzd has been trending to the downside. However based on recent Price action it appears it is ranging, this is after breaking its trending line which it has been respecting for weeks. It can also be observed that price retested this broken trend line and rejected it. What i will be looking for is price to come closer to support possibly creating a double bottom to capitalize on the best RR possible given the circumstances. Another reason why i will be looking for longs is because of the double top made in the past. Usually price likes to retest the neckline of a double top or double bottom. Therefore take profits should be at the profit should be at the neckline considering that the overall trend is down.
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Have a great week!
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