EURNZD - Where will the reaction low be.
EURNZD - Looking at this chart, I see steady long term bullish behaviour spanning back 4 years or so. However, for the last year, the bullish price action looks more laboured and a shallow incline proves this.
On the shorter time frame, I see price action has had a steep decline. It is only natural to see a reaction here but if price action is to remain just about bullish, I would want price action to visit no further than .886 fib level (where I will have an alarm). I would want to see if price action respects the long term trendline. If it doesn't and it respects a shorter term trendline, it might be an early indication that the bullrun is over and it is about to take a reversal. Either way, there will be a reaction to the upside which we could monitor after taking a long position after the reaction from the trendline.
RSI is in harmony with the trend.
On the shorter time frame, I see price action has had a steep decline. It is only natural to see a reaction here but if price action is to remain just about bullish, I would want price action to visit no further than .886 fib level (where I will have an alarm). I would want to see if price action respects the long term trendline. If it doesn't and it respects a shorter term trendline, it might be an early indication that the bullrun is over and it is about to take a reversal. Either way, there will be a reaction to the upside which we could monitor after taking a long position after the reaction from the trendline.
RSI is in harmony with the trend.
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