Fri, Jun 02, 2023 @ 15:01 GMT
HomeContributorsTechnical AnalysisEURNZD Buying The Dips At The Blue Box Area

EURNZD Buying The Dips At The Blue Box Area

Hello fellow traders. In this technical article we’re going to take a quick look at the Elliott Wave charts of EURNZD published in members area of the website. As our members know, the pair is showing bullish sequences in the cycle from the April 2022 low. Our team recommended members to avoid selling , while keep favoring the long side. Recently we got correction that reached our buying zone. The pair found buyers and made reaction from the blue box as expected. In the further text we are going to explain the Elliott Wave Forecast and trading strategy.

EURNZD Elliott Wave 1 Hour Chart 05.04.2023

The pair is giving us wave (ii)) pull back that is unfolding as Zig Zag pattern. Structure of the pull back looks incomplete at the moment. We expect to see more toward 1.7387-1.7107 area which will be our buying zone. We don’t recommend selling the pair against the main bullish trend. Strategy is waiting for the price to reach blue box- equal legs zone, before entering the long trades again. Once bounce reaches 50 Fibs against the (b) blue high , we will make long position risk free ( put SL at BE) and take partial profits. Invalidation for the long trades is break of 1.618 fib ext : 1.7107

Quick reminder:

Our charts are easy to trade and understand:
Red bearish stamp+ blue box = Selling Setup
Green bullish stamp+ blue box = Buying Setup
Charts with Black stamps are not tradable. 🚫

EURNZD Elliott Wave 1 Hour Chart 05.14.2023

The pair made decline in C leg and reached buying zone at 1.7388-1.7108 area ( blue box) . Pull back completed at the 1.71945 low and we are getting good reaction from the buying zone. Bounce reached and exceeded 50 fibs against the connector’s high. So members who took the long trade are enjoying profits now in a risk free positions.

Elliott Wave Forecast
Elliott Wave Forecast
ElliottWave-Forecast has built its reputation on accurate technical analysis and a winning attitude. By successfully incorporating the Elliott Wave Theory with Market Correlation, Cycles, Proprietary Pivot System, we provide precise forecasts with up-to-date analysis for 52 instruments including Forex majors & crosses, Commodities and a number of Equity Indices from around the World. Our clients also have immediate access to our proprietary Actionable Trade Setups, Market Overview, 1 Hour, 4 Hour, Daily & Weekly Wave Counts. Weekend Webinar, Live Screen Sharing Sessions, Daily Technical Videos, Elliott Wave Setup videos, Educational Resources, and 24 Hour chat room where they are provided live updates and given answers to their questions.

Featured Analysis

Learn Forex Trading