EURNZD - Bullish Wyckoff Accumulation in Line with Major Trend
Overview:
EURNZD has been in a significant bullish trend. However, since January 2nd, the pair entered a consolidation phase, forming a Wyckoff Spring on February 10th. This confirmed a floor, completing a Wyckoff accumulation schematic on the Daily Chart.
Current Price Action:
The pair is currently trading at the lower limit of the Wyckoff accumulation range.
Any bullish setups from this level align with the major uptrend, making them high-probability buy opportunities.
Trade Setup:
Entry: Look for bullish confirmation (price action signals, volume spike, or breakout) at the lower limit of accumulation.
Target 1: 1.8375
Target 2: 1.8475
Stop Loss: Below the spring low to minimize risk.
Sentiment Analysis:
Retail trader sentiment shows that 77% of traders are short, while only 23% are long.
This supports the contrarian view that retail traders tend to be on the wrong side of the market, further reinforcing the bullish bias.
Conclusion:
With a confirmed Wyckoff accumulation, price trading at a strong support level, and retail sentiment skewed heavily to the short side, EURNZD presents a strong buy opportunity targeting 1.8375 and 1.8475.
Overview:
EURNZD has been in a significant bullish trend. However, since January 2nd, the pair entered a consolidation phase, forming a Wyckoff Spring on February 10th. This confirmed a floor, completing a Wyckoff accumulation schematic on the Daily Chart.
Current Price Action:
The pair is currently trading at the lower limit of the Wyckoff accumulation range.
Any bullish setups from this level align with the major uptrend, making them high-probability buy opportunities.
Trade Setup:
Entry: Look for bullish confirmation (price action signals, volume spike, or breakout) at the lower limit of accumulation.
Target 1: 1.8375
Target 2: 1.8475
Stop Loss: Below the spring low to minimize risk.
Sentiment Analysis:
Retail trader sentiment shows that 77% of traders are short, while only 23% are long.
This supports the contrarian view that retail traders tend to be on the wrong side of the market, further reinforcing the bullish bias.
Conclusion:
With a confirmed Wyckoff accumulation, price trading at a strong support level, and retail sentiment skewed heavily to the short side, EURNZD presents a strong buy opportunity targeting 1.8375 and 1.8475.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.