Today’s analysis – EURNZD- Price Action trading at Local S/R where a bounce is probable,
Points to consider, - Price Action Impulsive - Local S/R Support (.618 Fibonacci Confluence) - .382 Fibonacci Resistance - Swing Low Objective
EURNZD’s immediate price action is impulsive under the 200 MA; this allows us to have a bearish bias on the market.
The lower Local S/R is in confluence with the .618 Fibonacci, increasing the probability of a bounce here.
The upper Local S/R is likely to act as resistance, establishing a bearish retest at these levels is probable as it is in confluence with the .382 Fibonacci and POC.
Immediate objective is the current swing low; exceeding this level will likely continue the downside momentum.
Overall, in my opinion, EURNZD is a valid short with define risk, price action is to be used upon discretion/ management.
Hope this analysis helps!
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