Opportunity LONG on EURNZD

Opportunity LONG on EURNZD


Hi guys,

on the daily chart EURNZD             is in oversold condition and it’s also testing a key structure zone. That’s why i’ve highlighted the yellow box that you see above. In cases like this, i like to go on smaller timeframes looking for additional clues to take a trade. In this case i’ve found multiple hints: first of all, on the 4H chart we can see a couple of indecision bars (with big downside wick) and a strong engulfing candle at the end. Here, there’s a double bottom with some sort of divergence and the price is headed to the upward direction. I’m going long with stops below the lows, and targets as shown.

If you have any question, feel free to comment beneath.
Otherwise, see you in the next chart!