Confluence Analysis on EUR/NZD
We have Four Areas of Supply but we only have Three Areas of good Confluence in the Chart. Buyers are defending the 1.7040 - 1.7060 area Strongly.
We have Equal Highs and Equal Lows being created on the Chart, so we expect to see a lot of Fakeout Patterns to be formed. Looking at the Market Structure, the Price is still ranging between 1.7060 and 1.7100
The Sell Areas are the Three Red Circles. The Circle at the Top of the Chart still has unfilled Sell Orders. Price will take a lot of time to reach that area, so it is a long-term play. For now, our focus is on the Three Red Circles at the bottom.
As usual, we enter the trades with proper risk management. Before you enter, also study the price action at our Confluence Areas for Confirmation!!
We have Equal Highs and Equal Lows being created on the Chart, so we expect to see a lot of Fakeout Patterns to be formed. Looking at the Market Structure, the Price is still ranging between 1.7060 and 1.7100
The Sell Areas are the Three Red Circles. The Circle at the Top of the Chart still has unfilled Sell Orders. Price will take a lot of time to reach that area, so it is a long-term play. For now, our focus is on the Three Red Circles at the bottom.
As usual, we enter the trades with proper risk management. Before you enter, also study the price action at our Confluence Areas for Confirmation!!
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