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EUR/NZD: Does the daily bullish engulfing candle push the price upside?

EagleFX

EUR/NZD, after being bearish on the daily chart for several days, produced a bearish engulfing candle yesterday. The H4 chart shows that the price has been in consolidation. If consolidation support produces a bullish reversal candle, the buyers may go long above today’s highest high and push the price towards the North further.

Chart 1 EUR/NZD H4 Chart


The chart shows that the price made a bullish move and had a rejection around 1.74460. The price had another rejection today and produced a bearish engulfing candle. As of writing, the pair is trading around the level of 1.73420. The level has already produced a Pinbar. A Pinbar is considered as a bullish reversal candle. Thus, the buyers may go long above the level of 1.74460, which may push the price towards the North further.

Trade Summary:

Entry: Buy above 1.74460

Stop Loss: Below 1.73420

Take Profit 1: 1.75100

Take Profit 2: 1.75450

Take Profit 3: 1.756100

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