EURNZD yesterday made another stop hunt as highlighted, and I was also anticipating it to drop if EURUSD did. Given the weakness seen on EURUSD today, EURNZD has also began to melt.
On the first shot was my target for my short position, a fairly decent swing down to 1.67241, some 300+ pips. I got in 10 pips lower that I wanted to, but that shouldn't be an issue. I will manage risk properly and hopefully ride it down to my objectives.
Sometimes all you have to do is sit watch and move your stoploss up for more profit. #eurnzd over 600pips locked running risk free if I'm not stopped out by Friday it will be two weeks since I've been holding this buy🤩🤩🤩🤩
EURNZD on the daily was going higher, as I mentioned two days ago. And I didn't want to sell until FOMC. Clearly the decision was valid. The pair went for the Hollywood: A Double Stop hunt
Notice how the candle wicked past 1.71287 and rejected, a 30 pip run on the high set two weeks ago. Same setup that I used to go short to 1.68101.
Also, market structure hasn't really broken to the upside, because the bodies have yet failed to make a higher high. That makes that run up all the more suspect. Buyers on the pair today may have had a tough time.
If price starts to go lower, we have equal lows "Retail Support" at 1.68101 to be raided and possibly we may see 1.68241 being taken as well.
The third photo shows the path that I anticipate price to take as it moves lower. Note all this is dependent on a falling Euro. So if EURUSD falls, it may aid our cause to see the lows as described.