For more than a month EURNZD has been moving in the range of 1,6400-1,6750. During this time there have already been some good opportunities to enter the position, as well as a few traps. This time, after the strengthening of the euro exchange rate, we again have to deal with the option to enter the long position, although the problem may be the choice of position parameters.
The price has just risen from the Kumo cloud, which is a signal for the opening of a long. In recent days Kijun has worked well as a support for this pair. Theoretically, we could open a position with a target for resistance from the daily chart at 1.6720, but we don’t really have where to place Stop Loss. Maybe it would be better to wait for a possible retest of the cloud/Kijun-sen border and only then join the bulls.