EURNZD | 12.4.2013
EURNZD gave a next in the series 50% long entry this week @ 1.64454. The profit targets of the long setup are @ 1.70273, and the encouraging part of it is that it looks like it is developing a 15min IH&S bottom as shown on the chart. Despite the overall difficulty of trading a pair as volatile as EURNZD, it seems that we have a low set in for a while.
The 15min setup also looks encouraging as this potential complext Inverted H&S doesn't look like wishful thinking now. Of course there is a danger of a range developing between 1.66 and 1.65 however, we believe that while we are above the low of the week EURNZD is giving a great reversal opportunity. If you aren't in from the lows of the week, best approach would be to attemt the 1.65339's if they re-trade or to wait for this IH&S to be confirmed with a break above the neckline.