To end my analysis this Thursday, I’m going to update for the EURNZD cross pair.

Since I have a pending order since February 22, I’ve decided to create another one:

https://www.finlogix.com/analysis/20240222/eurnzd-intraday-analysis-and-trading-plan-for-february-22-2024

Apparently, the Euro surged mightily against Kiwi and missed my long target by a close margin in the first pending analysis!

Both Europe and New Zealand  have no major economic news this week.

Re-assessing the EURNZD’s high timeframe candles:

Yearly Candle: Last check is a Green Gravestone Doji now a Green Body

Monthly Candle: Previous close is a Green Semi Doji current is a Green Body with a Longer Tail Wick

Weekly Candle: Previous close is a Green Body with a Longer Tail Wick current is Green Long-Legged Spinning Top

Daily Candle: Yesterday’s close is a Red Long Upper Shadow current is a developing a Green Shaven Bottom 

Yearly to monthly candles continues long term bullishness but the weekly and daily patterns might have reached a new local high already hinting for a price pullback corrections.

Yes I have missed a very profitable long trade last February but with I am seeing now, the EURNZD is sitting for minor to major profit taking and I am not going to hesitate to short it!

There is a strong impulsive up wave move occuring since the final swing low on February 25 that broke the lower high trendline targeting the buy side liquidity as high as January 22-23 swing points.

If I am right in shorting current levels which we can see 4 attempts in breaking this week’s high including today, then taking profit on the recently broken and backtested January 22-23 high is worth the risk.

However if I am wrong, I put a stop plus 20 pips above this week’s high.

These are the following short entries to observe:

There is a moderate threat that the EURNZD can further breakout but for now I’m betting for a pullback.

Hoping that it’s worth the risk in shorting EURNZD while it’s still hovering in its premium levels.

EURNZD Intraday Analysis and Trading Plan For March 28, 2024

Mar 28 2024

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