Forex Signals

EURNZD Moves in an Expanding Triangle


The EURNZD cross in its 2-hour range illustrates the advance in a broadening triangle pattern, from where the price action looks testing the baseline of the expanding formation. This test suggests the probability of a new upward movement, which should develop in the coming trading sessions.

From the chart, we distinguish the baseline test by the third time. Furthermore, the baseline’s piercing suggests that the current bearish move could be in an exhaustion stage. This price action context indicates the potential bullish reversal in the EURNZD cross.


The current zone’s long-side positioning could drive the price toward the level 1.76 level as the next potential intraday profit target. The invalidation level of our bullish scenario locates below 1.74895.

An alternative scenario considers the bullish reversal’s extension toward the last significative swing of the current bearish leg that locates at 1.77702, where the price could find the next resistance.


Trading Plan Summary

  • Entry Level: 1.75295
  • Protective Stop: 1.74895
  • Profit Target: 1.75895
  • Risk/Reward Ratio: 1.50
  • Position Size: 0.01 lot per $1,000 in trading account.


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By Eduardo Vargas

Eduardo Vargas is a technical analyst and independent trader based in Buenos Aires, Argentina. He is an Industrial Engineer and holds a Master in Finance degree. In 2008 began to trade Chilean stocks listed on IPSA. From 2013 started to trade CFDs on Forex, Commodities, Indices and ETFs markets. He analyses different markets combining the Elliott Wave analysis with Fibonacci tools. He provides a market mid-long-term vision.

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