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  • BoonHooi

Is the EUR being supported now ?


Good evening everyone,

I had a PM question from my followers, so I thought that I would share this with everyone.

When looking to trade a currency pair, I always would like to evaluate its correlated pairs to see if they are all showing/telling the same story. Let's jump straight into the analysis.

I was initially analysing the EURUSD Daily Chart

- Currently at support

- RSI not even at oversold yet - (potential more downside)

We have just completed a short trade on the EURNZD M15. Taking total of 30pips + 45pips in profits. If you missed the trade, CLICK HERE to see the trade ideas.

Now evaluating the Daily Chart of EURNZD.

- A bullish Pennant forming - indication potential move higher

- A bearish Butterfly Pattern completing higher

(Both hinting that this could go higher)

Trade Plan : If EURNZD starts to break above the Pennant, go Long until the completion of the Butterfly Pattern. Let's monitor this in the coming week.

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