The overall structure of the EURNZD pair has been bullish on the Daily TF for the past two years, however price has been bearish on the minor structure since 31st of August 2023. Since then price has been creating successive LH and LL, signifying the start of a bearish trend, however I believe the bearish trend is to take out the Daily TF DOL( Draw on liquidity ), afterwards we had a MSS and a BOS( Break of Market Structure), which further strengthened the EUR against the NZD, but as price touches an unmitigated supply Zone ( 1.81387 - 1.82138 ) we saw a decline of the EUR in respect to the NZD , leading to 2 BOS, however there’s an unmitigated demand zone ( 1.76898 - 1.76529 ) we expect a reaction from that zone to take out the DOL above. The failure of that zone could lead to further sells as well as the failure of the newly formed supply zone after the MSS (1.80244 - 1.81556) could lead to further buy.
I’ll be entering on confirmation, stay tuned for more update on the trade
This is not a financial advice, this is just a market overview
I’ll be entering on confirmation, stay tuned for more update on the trade
This is not a financial advice, this is just a market overview
Comment:
Price has done 79 pips in our direction, from inducement, making us miss it with 8 pips, i'll share details of confirmation entry , eyes on deck, expecting a sweep then a candlestick formation and I'll drop entry