Evening Traders,
Today’s analysis – EURNZD – trading at the lows of an impulse sell where a rotation towards resistance if probable,
Points to consider,
- Price Action Impulsive
- .618 Fibonacci Resistance
- POC Resistance
- Bearish OB Resistance
- Volume Climax
EURNZD’s immediate price action is trading at oversold conditions, a retest of the resistance area that has technical confluence with the .618 Fibonacci, POC and the Bearish OB, allows for a short bias.
The current volume profile has a climatic node, indicative of a temporary bottom being in place.
And oversold bounce is likely to get sold into as this is still technically a down trend.
Overall, in my opinion, EURNZD is a valid short with defined risk, price action is to be used upon discretion/ management.
Hope this analysis helps,
Thank you for following my work
And remember,
“Genuine acceptance that there will be losses on your way to market success will greatly decrease the hurt when they eventually come.” ― yvan Byeajee
Today’s analysis – EURNZD – trading at the lows of an impulse sell where a rotation towards resistance if probable,
Points to consider,
- Price Action Impulsive
- .618 Fibonacci Resistance
- POC Resistance
- Bearish OB Resistance
- Volume Climax
EURNZD’s immediate price action is trading at oversold conditions, a retest of the resistance area that has technical confluence with the .618 Fibonacci, POC and the Bearish OB, allows for a short bias.
The current volume profile has a climatic node, indicative of a temporary bottom being in place.
And oversold bounce is likely to get sold into as this is still technically a down trend.
Overall, in my opinion, EURNZD is a valid short with defined risk, price action is to be used upon discretion/ management.
Hope this analysis helps,
Thank you for following my work
And remember,
“Genuine acceptance that there will be losses on your way to market success will greatly decrease the hurt when they eventually come.” ― yvan Byeajee