With no New Zealand major economic news this week, the Euro surged after majority of French Flash Manufacturing and Services PMIs and German Flash Manufacturing and Services PMIs went stronger than forecasted some hours ago.

My previous EURNZD has ended in a stop loss:

https://www.finlogix.com/analysis/20240219/eurnzd-intraday-analysis-and-trading-plan-for-february-19-2024

Re-assessing the EURNZD’s high timeframe candles:

Yearly Candle: Last check was a Green Shooting Star now a Green Gravestone Doji

Monthly Candle: Last check was a Red Long Upper Shadow now a Red Shaven Bottom

Weekly Candle: Last check was a Small Red Body with Short Head Wick now a Red Body

Daily Candle: Yesterday’s close was a Red Long Lower Shadow current is a Red Spinning Top 

Last Monday, I suggested that there will be a short-term recovery but it must be confirmed through a potential spinning top candle daily candle close Tuesday.

It did, however, the rallies toward 1.7555 as part of recovery got sold heavily resulting to the January 9 external sell side liquidity.

Price still trading below the 4H 50 and 100 MAs with bears threatening to target December 20, 2023 ESL.

For my trade plan today, I will maintain last call’s setup.

EURNZD is still trading in a downward channel. Buy setups on pullbacks only and targets 1.77 resistance target with residing above 200-MA.

Good take profit to liquidate the shorts aggressively.

I am looking for a 2.01 risk:reward setup with these entries:

More of a swing trade setup once bears decide to push price lower targeting the mentioned external lows.

EURNZD Intraday Analysis and Trading Plan For February 22, 2024

Feb 22 2024

Take Profit +1.68%

Holding time 18d7hr

1.74186

Entry price

1.77112

Take profit price

1