EURNZD Local S/R| Swing Low| Daily S/R| .618 Fibonacci| PA

19 oct 2020Evening Traders,

Today’s second analysis- EURNZD- trading under Daily S/R where a back test is considered a bearish retest.

Points to consider,
- Price Action Bearish
- Daily S/R Resistance (.618 Fibonacci Confluence)
- Local S/R Support (Respected)
- Oscillators Neutral
- Volume Below average

EURNZD’s immediate price action is trading below Daily S/R, this allows us to have a bearish bias on the market.

The Daily S/R is also in confluence with the .618 Fibonacci, this enhances the probability of a price rejection occurring.

Current Local S/R is considered support that has been respected; breaking this level will be extremely bearish with lower targets.

Both oscillators are neutral with volume evidently declining; an influx is highly probable when testing key trade locations such as the Daily S/R.

Overall, in my opinion, EURNZD is a valid short 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,

“All statistics have outliers. Money management, therefore, is key to the process of good trading.”
― Yvan Byeajee