Hello Boys and Girls!
As mentioned earlier in my previous EURNZD analysis - I think I've got it wrong. Initially I thought we were still in a running C to form a B but after looking at it for a while I figured the B may well be finished already. There are a handful of reasons making me assume that:
+ We have reached the 50% retracement already. That is not a guarantee but the price still bounced off the retracement
+ Price broke through the correction channel downwards
+ There is a complete a-b-c structure within the B if you look close
In simple words, if the B is finished already, we'll see the C kicking off soon, making the EURNZD dip lower than the initial A!
Based on that I have closed my long position with a small loss and turned it into a short position.
Wish me luck :D
As mentioned earlier in my previous EURNZD analysis - I think I've got it wrong. Initially I thought we were still in a running C to form a B but after looking at it for a while I figured the B may well be finished already. There are a handful of reasons making me assume that:
+ We have reached the 50% retracement already. That is not a guarantee but the price still bounced off the retracement
+ Price broke through the correction channel downwards
+ There is a complete a-b-c structure within the B if you look close
In simple words, if the B is finished already, we'll see the C kicking off soon, making the EURNZD dip lower than the initial A!
Based on that I have closed my long position with a small loss and turned it into a short position.
Wish me luck :D
