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EURNZD Short

by Sanjay A, June 22, 2022

EUR/NZD D1 Elliott Wave

by Sanjay June 22, 2022

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EUR/NZD

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Short

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D1

Timeframe:

D1

Analysis Method:

Elliott Wave

Analysis:

Price is at the 178.6% extension of (A) vs (C) and an area of daily resistance. However, the wave count does not look complete and a marginal new high may occur. But, the shorter term wave count suggests another large drop. Also, MACD is showing divergence.

Trade Plan:

Stop: 1.6924 Target: 1.6535

Risk Management:

1:3 Risk/Reward

LEAVE YOUR COMMENT HERE:

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  1. I’ll likely close this position when markets re-open after the weekend as price looks to be in expanded flat pattern and could correct higher. Should price go above wave a, I will look to re-enter at around 1.6800 with a stop at 1.6893. Short term chart attached.

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