Potential short on EURNZD.
Currently looking at EURNZD after the market open we opened a bit lower. We are holding at a previous support zone, now resistance aligned with the 38.70 fibonacci retracement at 1.6619 . We can also see how the SMA comes as resistance aligned with the fibonacci and previous support, confirming a legit resistance zone. I expect price to go lower and hit the 1st fib D extension at 1.6466 but I'd like to see price close back below 1.6600 on a hourly TF to confirm that vision. IF we go the opposite way and close above this resistance zone, I expect price to recover back to the strong monthly level 1.6700 which aligns with 71.00 fib level.
Related publications
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.