Today's FOREX Trade of the Day was a short EUR/NZD position.
Entry Sell: 1.6098
Exit Buy: 1.6061
Notional Intraday Profit: +37 pips
Today's intraday High of 1.6106 was above the the 38.2% retracement of the range from the 22 October Low through the 24 October High, rendering the retracement level a profitable Entry Sell level.
Today's intraday Low of 1.6060 was just below the 50.0% retracement level of the same range, rendering the retracement level a profitable Exit Buy level.
Looking at the Weekly EUR/NZD chart below, we can see how the cross is just above a key retracement level of 1.6050 and how the market tested 1.5927 last week.
Downside price objectives include 1.5927, 1.5848, and 1.5654.
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