EURNZD Daily S/R | Support Confluence| .618 Fib| 200 DMA

Evening Traders,

Today’s analysis – EURNZD- deviating from local swing high, daily S/R is the next trade location with technical confluence.

Points to consider,
- Consecutive HH’s and HL’s (bullish)
- Swing high resistance (respected)
- Daily S/R confluence (.618 Fib & 200DMA)
- Oscillators below 50 mid-point
- Oversold bounce continuation

The macro trend for EURZND is considered bullish with consecutive higher lows and higher highs.

Price action respected swing high, now trading towards daily S/R. This area has strong technical confluence with the .618 Fibonacci and the 200 DMA. Price has a higher probability of bouncing here.

Both oscillators are below 50, not officially overextended. Oversold conditions will coincide with price testing daily S/R, leading to a probable oversold bounce continuation.

Overall, in my opinion, EURNZD, respecting daily S/R will allow for a valid long. Price action is to be used upon discretion/ management of trade.

What are your thoughts?

Thank you for following my work!

And remember,

“Trading effectively is about assessing probabilities, not certainties.” ― Yvan Byeajee