Is EURNZD lining up for a sell, finally?

It's high on the watchlist even though it's not quite 'cooked yet'.

I'm anticipating a potential trend continuation once price action gets to: 16218 as this level coincides with:



1: A Fib cluster -  level coinciding with the 0.618 Fibonacci retracement (taken from the last major swing high  (May to the swing low of August). The level also correlates with the 0.382 Fibonacci retracement (taken from the swing high of November 2011 to the swing low of August this year).

2. Fib extension 1.618, taken from 5th September - 1st October projects onto the 16218 level perfectly

So while the 'sell zone' has been identified and the direction is congruent with the over all trend, we just need to 'stalk' the trade until it gets  to that zone - then we can wait for our price action signal to sell.

The trick is not to get over excited in the meantime, and wait dogmatically for our signal. If we get a high test or doji - or a siognal on the hourly that the tide is turning then great - we can trade it. If we do not - we don't.