#EURNZD 2HEURNZD (2H Timeframe) Analysis
Market Structure:
The price is currently testing the upper boundary of a channel, which acts as a key resistance level. This indicates a potential bearish scenario if the price fails to break above and instead respects the resistance.
Forecast:
A sell opportunity may arise if the price retests the channel resistance and confirms rejection, signaling the potential for a move toward the channel's lower boundary.
Key Levels to Watch:
- Entry Zone: After the price retests the channel resistance and shows signs of rejection.
- Risk Management:
- Stop Loss: Placed above the channel resistance or the recent swing high to minimize risk.
- Take Profit: Target the midline or the lower boundary of the channel for potential downside movement.
Market Sentiment:
The current price action at the channel resistance indicates a bearish bias, with sellers likely to dominate if the resistance holds. Waiting for confirmation of a retest ensures a strategic entry aligned with market momentum.
