EURNZD - Bullish Wyckoff Accumulation in Line with Major TrendEURNZD - 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.
