EURNZD retraces today

Good Evening Dynamic Traders

Hope you've all had a great trading day.

Let's take a look at what EURNZD did today after yesterdays post. As mentioned, there was a chance that sellers may remorse the big move from yesterday and allow buyers to step in - and today's candle seems to be confirming that. The figure has most certainly played a psychological barrier for the market. This is a great example of where ESLT would have protected you from the bounce up in the market today. This may simply be a retracement before a possible continuation with the friendly downtrend. We might see some consolidation before price squeezes out, as it will inevitably be forced to decide with the upper TL and support/RN level surrounding it.
















Keep those odds in your favour and remember the market never moves in one direction, so pullbacks will always be a part of trading - in fact they're needed for healthy trends! But of course trends never last forever, so the psychological figure may even prove too strong to break and we may see price reverse. Let's see how this pair unfolds this week and await the markets move.

Here's to great trading!
Sonia Molina