Looking at the charts, I notice that this $EURNZD swing would be massive. It could yield upwards of 3000 pips! Take a look yourself.
And again, I talk about possibilities here. So to be clear, it is POSSIBLE, that the market will move in the depicted direction. Not probable, not predicted, just possible.
Momentum Is Bearish
The pair has sold off very quickly from highs around 1.80, which means that momentum is bearish and thus not on my side. But on any trade I only have my rules. And the rules state to enter in trend direction as indicated by the 100 period simple moving average. Enter at stop-fishing levels, highlighted by the dashed lines (only one of them has been touched as of now). And last but not least, give this beast time to turn up.
* Remember, I don’t give investment advice. I write these posts for my own and and your entertainment. Always take responsibility for your trading decisions and analyses and don’t ever blame me or anybody other than yourself. I might or might not be positioned in the instruments I write about.