EURNZD may give up its entire 2024 gains soon after a complete eradication of February 24-26 bullish 4H FVG!

As a result, my June 5 long trade plan has exited in another loss:

https://www.finlogix.com/analysis/20240605/eurnzd-intraday-analysis-and-trading-plan-for-june-5-2024

My loss streak continues with an updated overall record of 1 win and 9 losses already.

There are no further high impact economic reports in Europe today while none for New Zealand this week.

Re-assessing the EURNZD’s high timeframe candles:

Yearly Candle: Last check is a Green Long Upper Shadow now a Red Semi Gravestone Doji

Monthly Candle: Last check is a Red Spinning Top now a Red Spinning Top

Weekly Candle: Previous close is a Green Long Lower Shadow current is a Red Body with a Slightly Longer Tail Wick

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

Note: I’m using Tradingview.com under the EURNZD pair in FXCM Exchange to thoroughly re-assess these high timeframe candles.

On the yearly view, more than 90% gains have already been given up in 2024. Not looking good to be honest.

A major price catastrophe towards the 1.7150 can happen soon!

With the February 24-26 bullish 4H FVG now a sell order block after yesterday’s rejection, the 3 4H SMAs are likely to slope more downwards.

However, I’m seeing a strong price reversal to the upside within the 1.71-72 range.

All Euro cross pairs are technically weak right now.

So my trade plan is long again with a similar 1 to 4 risk:reward setup previously.

I’m anticipating a further drop soon towards the 1.71-72 buy zone range.

If hit successfully, the reward will be handsome with a 100-pip stop loss as my risk only.

Here are the new long orders to play this setup:

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.