EUR/NZD Bearish Pressure Building If the Price Goes Below the POC
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Dear Traders,
The EUR/NZD went into a retracement mode reaching confluence spot where we might be looking for short trade opportunities.
1.7005-15 is the POC zone where the price is consolidating. We can also spot a T-89 pattern and the re-entry dot (pink). It could create another bearish pressure if sellers join the fray. Targets are 1.6980 followed by 1.6960. As the price already went below W L5, it is a sign of strong bearishness in the EUR/NZD pair. However, today is NFP so we will see a big volatility later during the US session. Be careful with risk placement.
The analysis has been done with the CAMMACD.MTF template.
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Many green pips,
Nenad Kerkez aka Tarantula FX
Elite CurrenSea
Thanks for the analysis, very consistent with my analysis of Elliott Waves, their analysis that in turn are of great teaching always with a high positive value. Thanks, again
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