EUR/NZD has been in a bearish correction on the daily chart. However, the H4 chart shows that the price has been heading towards the South upon finding its resistance around 1.73200. The price consolidated within 1.71900-1.71390. The H4 chart has produced a bearish inside bar at 1.71900. Thus, if the price heads towards the South and makes a breakout at today’s lowest low, it may head towards the South by offering a short entry. The price may find its next support around 1.70500, where it had a bounce earlier. If the price makes an H4 breakout at the level of 1.70500, the pair may remain bearish in the coming days.
Stop Loss: 1.71882
Take Profit: 1.70582
The risk of the trade per standard lot is $ 899.06, $ 89.906 for a mini-lot, and $ 8.99 for each micro-lot. The risk-reward is 1:1.10. Thus, the reward per standard lot is $ $ 988.96, for Mini lot $ 98.89, and for Micro lot $ 9.88.