EURNZD’s strong 4H 200-SMA support has negated a bear crossing move last week.

As a result, my April 10 short trade plan’s stop loss level got hit with just 9 hours holding time:

https://www.finlogix.com/analysis/20240410/eurnzd-intraday-analysis-and-trading-plan-for-april-10-2024

There is no major economic release in New Zealand this week.

Meanwhile, there are 4 European high impact reports tomorrow, the French and German flash manufacturing and services PMIs.

The Shared currency is still strengthening against the Flightless Bird.

Re-assessing the EURNZD’s high timeframe candles:

Yearly Candle: Still a Green Body since last check but with a Longer Head Wick

Monthly Candle: Previous close is a Green Body with a Longer Tail Wick current is a Red Body with a Longer Head Wick

Weekly Candle: Previous close is a Red Semi-Doji current is a Red Body with a Slightly Longer Head Wick

Daily Candle: Previous close is a Red Body with a Longer Head Wick current is a Red Spinning Top

Yearly candle structure remains bullish with the intentions of testing 2023 highs.

Last week’s swing high on Friday has further extends EURNZD’s April gains invalidating a monthly double top pattern!

This latest swing high will be a new reference point to where the pair is heading next.

Earlier’s intraday dips were recollected by the strong 4H 50-SMA and hinting for a silver crossing move.

On the contrary, if weaker Euro PMIs come out on Tuesday, a sell-off for the Euro commences.

I am betting in favor of weaker Euro PMIs tomorrow therefore I am shorting the rally attempts today.

Based on the latest price movements in the 4H chart, the 1.81 level is still a strong supply area that bulls are trying so hard to break.

I said in my previous EURNZD analysis that we can see a strong moving down with conviction from 1.8045 level.

Yes it did after the shorts’ liquidation above the 1.81!

Price is facing with difficulty on the 78.60% fib retracement therefore I’m shorting through the following new orders:

Even though there’s a strong buying reaction above the 4H 50-SMA and an impending silver crossing move, the latest ChoC candle is my hint.

All trade ideas I share are my own views and for my own trades only.

Copy trading and trading directly involve risks.