EURNZD formed a bearish pin bar on May 10th that went on to trigger an 1,800 pip landslide over the next two months. However, recent developments – namely the mid-July bounce from multi-year lows – hint at the idea that higher prices are on the horizon. You may recall a lesson of mine that explains the concept of impulsive and corrective moves. It’s a simple way to gauge the momentum in any market and also identify potential turning points. Concerning EURNZD, all of the bullish moves between May 10th and July 8th were corrective. That is they fit neatly within the steep downtrend that had developed during the period. However, the price ... (Read the full story)
