Overview:
Recently, EUR/NZD is moving downwards. The price tested the level of 1.6469 in a volume above the average. In the daily time frame, we can observe a weak demand bar, which is a sign that buying looks risky. The short-term trend changed from bullish to neutral but the mid-term trend is still bullish. Our strong resistance at 1.6615 was held successfuly again. According to the H4 time frame, we can observe the supply bar in an average volume. I placed Fibonacci retracement to find potential support levels and got Fibonacci retracement 38.2% at the level of 1.6400, Fibonacci retracement 50% at the level of 1.6330 and Fibonacci retracement 61.8% at the level of 1.6260.
Fibonacci Pivot Points :
Resistance levels:
R1: 1.6563
R2: 1.6600
R3: 1.6650
Support levels:
S1: 1.6455
S2: 1.6420
S3: 1.6370
Trading recommendations: Buying EUR/NZD looks risky. Watch for potential selling opportunities. We got support around the level of 1.6400 and 1.6350.
The material has been provided by InstaForex Company - www.instaforex.com