Here's a breakdown of EURO NZD on all timeframes, along with an update on trade entries.
Lets start with the Monthly time frame
EURNZD Monthly Chart:
-Has been in a uptrend then started consolidating.
-Has been rejecting monthly Supply zone for a year.
-Created a lower high last month
-That was used for entry point.
-Now it’s coming to a monthly demand zone after a uptrend break
-will it respect or break through?
Stop loss is now in profit and target is the next low
Next up Weekly
EURNZD Weekly Chart:
-Price hit monthly supply zone, Lower lows and lower highs are being formed.
-Uptrend was broken which was used as a retest zone for sells.
-Few weeks of downtrend formed. Now price is coming to a weekly demand to potentially buy back up in order to retest the supply.
-will it respect or break through?
-A buy opportunity could be presented if the trendline breaks
-A sell opportunity could be presented after a break through the zone or a pull back.
EURNZD Daily Chart:
-Price Broke structure at the top and made lower lows and lower highs.
-Red zones on the right represent retests for sells as lower high entry's.
-Now price is coming to a Daily demand to potentially buy back up.
-will it respect or break through?
-A buy opportunity could be presented if the trendline breaks OR price sweeps liquidity present under the demand zone.
-A sell opportunity could be presented at the next lower high.
EURNZD H4 Chart:
-Price Broke structure at the top and made lower lows and lower highs.
-White zone represent retests for sells as lower high entry's.
-Now price is coming to a Daily demand to potentially buy back up.
-will it respect or break through?
-At present a lower low could potentially form.
-A buy opportunity could be presented if the trendline breaks OR price sweeps liquidity present under the demand zone.
-A sell opportunity could be presented at the next lower high.
EN Trade:
-EURNZD sweeped below the demand and then broke structure to the upside.
-First trade taken at the sweep of the lows.
-Second trade taken at the next HL
Compound entries at breaks and retests.
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