EURNZD - Forming a top. Breakdown possible.
#6 of Q4
Price is forming a top here.
The small expanding ending diagonal last week could be the top, but it is taking some time to breakdown.
If price do break the red support zone confidently, movement down could be swift.
For conservative trading, take a 50% short position now before confirmation in case you aren't available to catch it. But leave a possibility that the trade idea could fail, so risk small.
Otherwise wait for breakdown. Good luck!
Targeting a full retrace of this move at 1.7634.
Price is forming a top here.
The small expanding ending diagonal last week could be the top, but it is taking some time to breakdown.
If price do break the red support zone confidently, movement down could be swift.
For conservative trading, take a 50% short position now before confirmation in case you aren't available to catch it. But leave a possibility that the trade idea could fail, so risk small.
Otherwise wait for breakdown. Good luck!
Targeting a full retrace of this move at 1.7634.
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