Panic and fear propels EURNZD to new highs, Sell Higher
Dramatic sell-off in Wall Street has led to a sharp decline in the value of risk assets such as AUD, NZD and CAD.
However, we can uncover potential opportunities amidst this panic environment.
EURNZD is already up by over 800 pips in the last 10 days and it is expected to continue its uptrend a little more.
However, soon it will face stiff resistance as I have indicated in my chart.
So, smart traders will place sell limits in the resistance area at 1.7910-1.7980 with SL above the resistance area.
If the sell set-up is valid, we can take profit at 1.67 area
However, we can uncover potential opportunities amidst this panic environment.
EURNZD is already up by over 800 pips in the last 10 days and it is expected to continue its uptrend a little more.
However, soon it will face stiff resistance as I have indicated in my chart.
So, smart traders will place sell limits in the resistance area at 1.7910-1.7980 with SL above the resistance area.
If the sell set-up is valid, we can take profit at 1.67 area
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