EURNZD Sell Signal (May 15th 2015) Price Action analysis

EURNZD Monthly (May 15 2015)

Right Now,  EURNZD is still going up, but the history tell us the opportunity to short, the explanation on the chart above

EURNZD Daily (May 15 2015)

Short

Daily

Here we have a Rally Based Drop (Caps)  with a strong move away indicating a great imbalance in supply and demand at 26th January 2015. But the supply was not fresh, therefore need Price action confirmation to short. I use Engulfing pattern on Lower timeframe.

EURNZD

Short @ 1.5520

TP @ 1.4896

SL @ 1.5832

Risk Reward: 1:3