Hi Traders,
We have a EURNZD short opportunity identified here with the key points labelled within the chart.
The main takeaway and reasoning for my bias is as follows:
- A descending channel where price is bouncing perfectly from top to bottom.
- Current rejection at the top of the channel, also within the resistance zone.
- This area of rejection also lines up perfectly with the 38.20% retracement level on the fib.
I will be taking this trade with a tight SL and holding to the area shown.
Thanks for taking the time to read!
- SilencedTrader
*Disclaimer*
I am not a financial advisor. This post is strictly for educational purposes only. Trading involves substantial risk of loss and is not suitable for every investor. Protect your capital at all costs.
Enter anything I post at your own risk and discretion.
We have a EURNZD short opportunity identified here with the key points labelled within the chart.
The main takeaway and reasoning for my bias is as follows:
- A descending channel where price is bouncing perfectly from top to bottom.
- Current rejection at the top of the channel, also within the resistance zone.
- This area of rejection also lines up perfectly with the 38.20% retracement level on the fib.
I will be taking this trade with a tight SL and holding to the area shown.
Thanks for taking the time to read!
- SilencedTrader
*Disclaimer*
I am not a financial advisor. This post is strictly for educational purposes only. Trading involves substantial risk of loss and is not suitable for every investor. Protect your capital at all costs.
Enter anything I post at your own risk and discretion.