I am liking the look of this potential setup on the EURNZD
. We have a downward sloping resistance line, upward sloping support and horizontal resistance (role reversal) all coinciding with the same point (approximately). It is likely that we might see some volatility
around this point with a lot of contradictory views over the importance of these lines - however, my bias is with the bearish trend
already in action. Price has move 20 pips from the 100 SMA
. We can use the SMA
as we are in a trending market, and would think that prices might retrace back towards this line. I am looking for short opportunities - especially as previous attempts to move above 1.5468 level could not hold.