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Trading the Shift to Support

I’m looking at a high-probability move back to support on the EURNZD. After a clean Head and Shoulders pattern played out, price retraced perfectly into the sweet spot zone (0.618 Fibonacci level) and rejected it.

Technical View: The recent price action established a clear Lower High (LH) at that Fib level. With the momentum shifting, I am assuming we are now on the path to create a new Lower Low (LL).

Correlation Confirmation: This move aligns with the bearish EURAUD structure I was tracking last week. When the Euro starts showing weakness across these pairs, it adds a lot of weight to the downside bias.

The Goal: I’m trading this back down to the major support level around 1.95178.I’m playing the structure here—lower highs leading to lower lows is the bread and butter of this trend continuation.

#EURNZD #Forex #TechnicalAnalysis #Fibonacci #HeadAndShoulders #TradingView

Transaction en cours

Trade fermée: cible de profit atteinte

KhoraCapital

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KhoraCapital

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