EURNZD Local S/R|200 MA|Price Action|Local S/R|.382 Fibonacci

Evening Traders,

Today’s analysis – EURNZD- Price Action trading at Local S/R where a bounce is probable,

Points to consider,
- Price Action Impulsive
- Local S/R Support
(.618 Fibonacci Confluence)
- .382 Fibonacci Resistance
- Swing Low Objective

EURNZD’s immediate price action is impulsive under the 200 MA; this allows us to have a bearish bias on the market.

The lower Local S/R is in confluence with the .618 Fibonacci, increasing the probability of a bounce here.

The upper Local S/R is likely to act as resistance, establishing a bearish retest at these levels is probable as it is in confluence with the .382 Fibonacci and POC.

Immediate objective is the current swing low; exceeding this level will likely continue the downside momentum.

Overall, in my opinion, EURNZD is a valid short with define risk, price action is to be used upon discretion/ management.

Hope this analysis helps!

Thank you for following my work

And remember,

“The market is a device for transferring money from the impatient to the patient.”- Warren Buffet