EUR/NZD:
Date: 19 December, 2016
H4 Graph: Long term short
The price made a correction after it founded support at 1.47200, but it formed a bearish price channel. After the correction, price stopped its up move exactly at the top of the price channel, which corelateds which Fib level of 38,2%, and at 200 EAM. There is a horizontal and diagonal resistance.
Price Action: Doji bar at strong horizontal and diagonal resistance - possible signal for short.
DEM (14) - In the overbought zone and turned down for short.
Alternative scenario: If the price moves up above the doji bar high and above the diagonal resistance , will cancel the bearish scenario.
Price for Entry short around: 1.50100
SL: 1.50700
Jr. Trader - S. Fuchedzhiev
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