I have taken a short position on EURNZD today. This decision is based on the confluence of several factors:
Supply zone: The price of the pair has reached a supply zone, indicating increased selling pressure and a likelihood of price decline.
Technical analysis: Technical analysis confirms the presence of the supply zone and suggests a potential depreciation of EURNZD.
Market expectations: The ECB is expected to adopt a dovish tone at its upcoming meeting, which could weaken the euro.
Supply zone: The price of the pair has reached a supply zone, indicating increased selling pressure and a likelihood of price decline.
Technical analysis: Technical analysis confirms the presence of the supply zone and suggests a potential depreciation of EURNZD.
Market expectations: The ECB is expected to adopt a dovish tone at its upcoming meeting, which could weaken the euro.