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In follow up to my previous post EURNZD Reversal Continues with Strong Momentum
The pair has now reached the resistance area as outlined in the previous blog post.
The weekly chart, as indicated below, shows that the larger trend remains to the downside. These levels can offer some decent Risk to reward setups for short scalps.
The 1 Hour wave count shows a double correction has completed to the upside. A daily close below the Daily S/R level indicated on the chart would provide stronger conviction for short scalps.
A breach of highs marked at Y can either signal an incorrect wave count, or a new upside structure.
The pair has now reached the resistance area as outlined in the previous blog post.
The weekly chart, as indicated below, shows that the larger trend remains to the downside. These levels can offer some decent Risk to reward setups for short scalps.
The 1 Hour wave count shows a double correction has completed to the upside. A daily close below the Daily S/R level indicated on the chart would provide stronger conviction for short scalps.
A breach of highs marked at Y can either signal an incorrect wave count, or a new upside structure.
