Euro / Dolar New Zealand
Panjang

EURNZD Oversold Bounce| Long Liquidity| .50 Fibonacci| Local S/R

318
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

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