EURNZD has printed a new May swing low while heavily taking sell side liquidity. Price rebounds through its lower low trendline.

As a result, my May 17 long trade plan has exited in another loss:

https://www.finlogix.com/analysis/20240517/eurnzd-intraday-analysis-and-trading-plan-for-may-17-2024

An updated overall record of 1 win and 7 losses already.

There are 4 European economic reports due tomorrow while 3 in New Zealand starting on Wednesday.

Re-assessing the EURNZD’s high timeframe candles:

Yearly Candle: Still a Green Long Upper Shadow since last check

Monthly Candle: Still a Red Body since last check but with a Longer Tail Wick

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

Daily Candle: Both previous and current are Green Body with Longer Head Wick

I just like what I’m seeing on the 4H chart! Good intraweek recovery.

Because there’s some sell side liquidity sweeping that happened Monday and sent a strong price reversal.

On top of that, there’s a mini-breakout extending the bullish reversal which has cleared last week’s internal resistance.

If I assume that this latest May swing low is the month’s bottom, then the EURNZD bulls will start another leg up targeting at least the nearby flipped S/R area first and beyond.

However, If I’m wrong, March’s order block awaits bears’ onslaught.

There’s no way that EURNZD’s entire May gains will be depleted. The cross pair’s bulls will do their best to protect price with 2023’s upper wick territory.

Again, I maintain a buying instance for the EURNZD even after my stop loss got collected before the price rebound!

At least, I’ve prevented any possible further losses.

Now that there’s a good liquidity pick up beneath the LL trendline, the corrective down wave looks finished.

I will try to open another long position through the current 4H candle’s pullback targeting the flipped S/R TL’s breakout while this time, I put a deeper stop loss in March’s order block shown above.

I’m still hoping this trade becomes a winner!

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

Copy trading and trading directly involve risks.

EURNZD Intraday Analysis and Trading Plan For May 21, 2024

May 21 2024

Stop Loss -0.96%

Holding time 13d3hr

1.77899

Entry price

1.76198

Stop loss price

1