EURNZD - Uptrend Retracement Expected

3 Des 2017

We have a well defined uptrend since February, price has made just Shallow retracements on its way up. but looking the weekly TF, we see it has arrived to the overbought zone, which is important to consider a deep retracement, to continue its way up for 1000 pips from now, and 3900 pips extension based on Monthly historical down fibo. I am going to consider 1h and 4h shorts on highs, if price breaks inner trend line (pink), to the next trend line 190 pips bellow and there if it breaks it price could fall another 500 pips, to start climbing again to the final long term target.