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EURNZD Sells Off Aggressively As It Corrects To The Mean

We discussed the bearish situation on the EURNZD daily chart yesterday. The bearish mean reversion trade opportunity at extreme prices at yesterdays bearish pin bar.

Just a follow up post, the trade has be driven into profit as the market did snap back towards the mean.

Now we a watching the support level for bullish price action to present itself as an exit indicator for this trade. We don't think this support will hold due to the aggressive bearish power candle yesterday. If support breaks then there is plenty of room for the market to move lower here.