EURNZD Oversold Bounce| Long Liquidity| .50 Fibonacci| Local S/R
Evening Traders,
Today’s analysis – EURNZD- trading at oversold conditions approaching long liquidity, a bounce here is probable.
Points to consider,
- Bearish Price Action
- Untapped Long Liquidity
- Local S/R Resistance (.50 Fibonacci Confluence)
- RSI Oversold
EURNZD’s immediate price action is bearish under local S/R, this allows us to have a bearish bias on the market.
Price action is likely to have a bounce at long liquidity, this allows for a long scalp play into local S/R.
Local S/R being the objective and in confluence with the .50 Fibonacci, a bearish retest here is probable.
The RSI is in oversold conditions, indicative of an oversold bounce play coming to fruition as price action deviates back to local S/R.
Overall, in my opinion, EURNZD is likely to revert back allowing for a scalp long into Local S/R. Price Action is to be used upon discretion/ management.
Hope this analysis helps!
Thank you for following my work
And remember,
It does not matter how slowly you go as long as you do not stop.”Confucius
Today’s analysis – EURNZD- trading at oversold conditions approaching long liquidity, a bounce here is probable.
Points to consider,
- Bearish Price Action
- Untapped Long Liquidity
- Local S/R Resistance (.50 Fibonacci Confluence)
- RSI Oversold
EURNZD’s immediate price action is bearish under local S/R, this allows us to have a bearish bias on the market.
Price action is likely to have a bounce at long liquidity, this allows for a long scalp play into local S/R.
Local S/R being the objective and in confluence with the .50 Fibonacci, a bearish retest here is probable.
The RSI is in oversold conditions, indicative of an oversold bounce play coming to fruition as price action deviates back to local S/R.
Overall, in my opinion, EURNZD is likely to revert back allowing for a scalp long into Local S/R. Price Action is to be used upon discretion/ management.
Hope this analysis helps!
Thank you for following my work
And remember,
It does not matter how slowly you go as long as you do not stop.”Confucius
Join my free telegram! t.me/chartdoctorsanconsultants
Follow me on Twitter! twitter.com/pinkdawn__
Follow me on Twitter! twitter.com/pinkdawn__
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.