Description
⋅ Evening Traders,
Second analysis – EURNZD- holding Daily S/R with bullish price action, local S/R retest probable,
Point to consider,
- Impulse sell
- Daily S/R (support)
- Oscillators diverging (Resistance)
- Volume influx
EURNZD has had an impulse sell into key Daily S/R that is currently holding support. Being a HTF support, a bounce here is probable.
Local S/R is the immediate resistance that has confluence with .50 Fibonacci. Price respecting this area will be a bearish retest.
Both oscillators are diverging, which initiates a valid double bullish divergence. This indicates strength in the market as momentum shifts.
A volume influx is probable at this HTF support, this will be indicative of price expansion deviating from Daily S/R.
Overall, in my opinion, EURNZD is a valid long with defined risk. Price action is to be used upon discretion/ management of trade.
Hope this analysis helps!
Thank you for following my work!
And remember,
“Confidence is not "I will profit on this trade." Confidence is "I will be fine if I don't profit from this trade.”
― Yvan Byeajee,