EURNZD Technical Analysis – 30-Minute Chart

This analysis highlights a potential bearish continuation scenario for EURNZD, supported by multiple confluences.

1️⃣ Key Resistance Zone (1.84250–1.84400):
The price has repeatedly rejected this significant resistance area (highlighted in red), indicating strong selling pressure. The recent spike above this level failed to sustain, forming a clear bearish rejection.

2️⃣ Trendline Break:
The ascending trendline that previously acted as dynamic support has now been broken. This break suggests a shift in market structure from bullish to bearish, as buyers fail to maintain control.

3️⃣ Retest of Broken Support (Now Resistance):
The price is currently retesting a crucial demand zone near 1.8400–1.8410 (grey box) that has now flipped into resistance. This zone aligns with the trendline break and adds confluence for a potential continuation to the downside.

4️⃣ Bearish Market Structure:
A clear lower-high formation is expected around the 1.8400 region, which would confirm the bearish structure. From there, we anticipate a drop toward the next significant support zone.

5️⃣ Target Areas:
The first key downside target is around the 1.83200 region (grey box), which aligns with previous structural lows and acts as a strong demand zone.

📉 Trade Scenario:
A rejection from the 1.8410–1.8420 zone could offer a shorting opportunity with targets at 1.83200 and potentially lower if bearish momentum persists. A break above the resistance zone (1.84400) would invalidate this setup and could signal a bullish reversal.

🛠 Confluences Supporting the Bearish Bias:

Resistance rejection.
Trendline break and retest.
Lower-high formation.
Alignment with higher timeframes showing bearish momentum.