EURNZD
WEEKLY CHART:
We can see a nice looking trend here with a retracement pulling back into a nice area of support. Yes, it can still continue to retrace downwards (into the lower band of the trendline - or beyond) but on this timeframe, I am looking to see that price is in a high probability trading zone and it looks like an attractive trade set up to me from this higher timeframe perspective.
DAILY CHART:
The daily chart is still showing a clear downtrend and therefore, for this to be a valid trade set up for me, I would need to see the right kinds of price action behaviour which gives me confidence that a reversal is taking place at this support level. Only then would I then start to consider a trade entry, IF I see the right kinds of price action behaviour on the lower timeframes which align to my higher timeframe analysis and which confirm to my trade entry rules & conditions.
This is a watchlist item at the moment and Ill just keep an eye on this as things continue to play out.