Home Technical Analysis EURNZD soars above 1.60 as anticipated, mange your trading desk!

EURNZD soars above 1.60 as anticipated, mange your trading desk!

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In the previous technical analysis for the EURNZD pair, we have suggested upside move based on the possibility of completing inverse head and shoulders pattern.

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eurnzd--10-06-2015-fxcomment

The RPNZ has assisted us after cutting interest rate to 3.25% surprisingly ad thus, prices have soared above the psychological level of 1.60 despite the exhaustion signs appearing on technical indicators.

It is better now to close 50% of our previous explained buy position and keep the remaining quantity. Moving the stop loss to the entry point at 1.5575 is a very good decision after booking more than 450 pips as a profit.

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Amir El-Araby Co-Founder & Chief Global Strategist at FxComment.com, with 17 years’ experience in the technical analysis studies for FOREX, Commodities and Indices. Amir El-Araby worked as a mentor for many companies and institutes, where he presented new methods for trading in the financial market. Amir is a member of ESTA (Egyptian Society of Technical Analysts). Amir is also the official partner of Harmonic Trader (Mr Scott Carney) and the official instructor of harmonic trader association for Arab countries.

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