EURNZD: Buy - Sell oportunity. Potential Cypher pattern

Price traveled up to the red zone that i was looking as target zone for the previous post. Now we are in a very strong confluence zone and we have 2 posibilities:

1. Divergences on 240 min chart
2. Price is near trend line that is a strong resistance zone.
3. Fibs confluence
4.Potential move up for the CD leg of the blue Cypher pattern. So we can wait for a bullish pattern for Buy opportunity and use CD leg of the blue Cypher for taking profits.

1. If price breaks trend line we can wait for bearish pattern before Sell and we can use CD leg of the Yellow Cypher pattern for taking profits.

In my opinion the chances are very high for the move to upside.

Good Luck!

Bình luận:

Price almost completed the bullish Cypher pattern and tested a strong support zone. Now we need to see for the development of a bullish patter before entering the trade and buy, because there is the possibility that price can complete the Cypher (yellow) before moving up.