EURNZD - 4H - Bearish Trend
Technical Analysis: EURNZD is in a confirmed bearish trend, having broken the trendline on the 4-hour chart. The pair is showing bearish divergence, which signals a continued downtrend. We will enter a sell position at the 0.5 Fibonacci retracement level to take advantage of the bearish momentum. The stop loss will be placed above the last higher high (HH) in a strong resistance zone to manage risk.
Fundamental Analysis: NZD is gaining strength over EUR, especially in October, as it is considered a risk-on period, further supporting the bearish outlook for EURNZD.
Seasonality: Seasonally, EURNZD is expected to remain in a downtrend from the second week of October until the end of the month.
Entry Strategy:
Entry Point: Sell at 1.79295 at the 0.5 Fibonacci level.
Stop Loss: Set at 1.80305, above the last higher high (HH) to manage risk effectively.
Take Profit 1: First target at 1.78286 for initial gains.
Take Profit 2: Second target at 1.77270 for further downside potential.
This strategy utilizes both technical signals and fundamental insights, with a clear focus on seasonality trends, to capture the expected bearish continuation in EURNZD.
Fundamental Analysis: NZD is gaining strength over EUR, especially in October, as it is considered a risk-on period, further supporting the bearish outlook for EURNZD.
Seasonality: Seasonally, EURNZD is expected to remain in a downtrend from the second week of October until the end of the month.
Entry Strategy:
Entry Point: Sell at 1.79295 at the 0.5 Fibonacci level.
Stop Loss: Set at 1.80305, above the last higher high (HH) to manage risk effectively.
Take Profit 1: First target at 1.78286 for initial gains.
Take Profit 2: Second target at 1.77270 for further downside potential.
This strategy utilizes both technical signals and fundamental insights, with a clear focus on seasonality trends, to capture the expected bearish continuation in EURNZD.
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