Overview:
Recently, EUR/NZD has been moving downwards. As we expected, the price tested the level of 1.7448 in a high volume. In the daily time frame, we can observe a supply bar in an average volume. The intraday trend is downward. I found strong resistance (cluster) around the level of 1.7870.. In the H1 time frame, we can observe sings of weakness (supply coming in) that means we may expect further downward continuation. Support levels are at are seen at 1.7450 and 1.7330.
Fibonacci Pivot Points :
Resistance levels:
R1: 1.7820
R2: 1.7885
R3: 1.7995
Support levels:
S1: 1.7600
S2: 1.7530
S3: 1.7420
Trading recommendations: Weakness is observed in the H1 time frame. Be careful when buying EUR/NZD and watch for potential selling opportunities.
The material has been provided by InstaForex Company - www.instaforex.com