EURNZD

Predicted EURNZD to move downwards (short trade) after a pullback and a close below candle entry criteria are met in the upcoming week (after 2024-05-18).

A trend continuation retest pattern was identified on Euro Yen (EURNZD), allowing for a more aggressive entry due to a significant breakout, followed by a pullback and strong buying pressure indicated by a green hammer candle.

The speaker alerted traders to a potential short trade in EUR/NZD from a specific zone that the market had just begun to touch.

Identified optimal trading zones for Euro New Zealand: resistance between 1.6688 and 1.6742 for short trades, and support between 1.6562 and 1.6593.

The Euro New Zealand has reached the top of its optimal trading zone (around 1.6742) and is being watched for short trading opportunities as a trend continuation play after a three-leg downward move.

If the Euro New Zealand pushes down, the next optimal trading zone will be sought for potential targets and a possible upward move.

A Euro/New Zealand 4-hour Cipher pattern is set up, with the entry at the 786 retracement. The pattern is aligned with a downtrend, having broken below key support levels, increasing the probability of trend continuation. There is no significant structure to the left that would impede a further downtrend.

A Euro New Zealand trade yielded approximately 53 pips after entry on a pullback candle, with the pullback highlighted in yellow on the 4-hour chart.