EUR/NZD 21.10.2016
Daily time frame
Long-term downward movement, mid-term choppy. Price at the upper end of the channel and close to diagonal resistance and Fibo 38.2%. Price is also and horizontal resistance. 50 MA is below 200MA.
Price action: Pin bar at diagonal and horizontal resistances - signal for short
Technical indicator:
DeM(14) Close to overbought area and turning for short
Sl: 75.500
Alternative scenario: If the price breaks trough above the diagonal resistance and makes a new top, this will change the negative scenario towards positive.
Junior_Trader_Sabriev
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