EUR/NZD:
Date: 3 Jan, 2017
D1 Graph: Long term short Trend
Price of the pair did break horizontal support of the zone 1.511/1.521 and continued down. After it made lower highs and more lower lows, it came back to test the break at the horizontal resistance. However, the price does remain inside the bearish price channel below the horizontal resistance and also close to the diagonal resistance above.Price is also trading below the 200 EMA.
Price Action - Hammer bar at a level of strong horizontal and diagonal resistance - possible signal for short.
DEM (14) - In the overbought zone
Alternative scenario: If the price breaks up and continue going up and above the horizontal and diagonal resistance this will not only cancel the bearish view, but it may be a signal for long instead.
Price for Entry short around: 1.5100
SL: 1.51800
Jr. Trader - S. Fuchedzhiev
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