EURNZD POSSIBLE 500PIPS+

So, the EURNZD has been going stronger since the beginning of 2020. The impulse was followed by a correction. There could be a possible H&S pattern on the higher time frame as the pair attempts to complete the initial impulse. The CFTC COT report released on 28th August suggested that EUR is still stronger after massive longs being added by the Non-Commercial Traders for a while now. Bullish Sentiment could shift the direction of price. However, the NZD still has positive net positions by Non-Commercial Traders and this could explain the bearish price action by the pair in the past few weeks. Therefore, I will be monitoring for a possible reversal.