To end my analysis this Thursday, I’m going to update for the EURNZD cross pair.

Since I have a pending order since February 22, I’ve decided to create another one:

https://www.finlogix.com/analysis/20240222/eurnzd-intraday-analysis-and-trading-plan-for-february-22-2024

Apparently, the Euro surged mightily against Kiwi and missed my long target by a close margin in the first pending analysis!

Both Europe and New Zealand  have no major economic news this week.

Re-assessing the EURNZD’s high timeframe candles:

Yearly Candle: Last check is a Green Gravestone Doji now a Green Body

Monthly Candle: Previous close is a Green Semi Doji current is a Green Body with a Longer Tail Wick

Weekly Candle: Previous close is a Green Body with a Longer Tail Wick current is Green Long-Legged Spinning Top

Daily Candle: Yesterday’s close is a Red Long Upper Shadow current is a developing a Green Shaven Bottom 

Yearly to monthly candles continues long term bullishness but the weekly and daily patterns might have reached a new local high already hinting for a price pullback corrections.

Yes I have missed a very profitable long trade last February but with I am seeing now, the EURNZD is sitting for minor to major profit taking and I am not going to hesitate to short it!

There is a strong impulsive up wave move occuring since the final swing low on February 25 that broke the lower high trendline targeting the buy side liquidity as high as January 22-23 swing points.

If I am right in shorting current levels which we can see 4 attempts in breaking this week’s high including today, then taking profit on the recently broken and backtested January 22-23 high is worth the risk.

However if I am wrong, I put a stop plus 20 pips above this week’s high.

These are the following short entries to observe:

There is a moderate threat that the EURNZD can further breakout but for now I’m betting for a pullback.

Hoping that it’s worth the risk in shorting EURNZD while it’s still hovering in its premium levels.

EURNZD Intraday Analysis and Trading Plan For March 28, 2024

Mar 28 2024

Stop Loss -0.28%

Holding time 6hr

1.80482

Entry price

1.80981

Stop loss price

1

1