Overview:
Recently, EUR/NZD has been moving downwards. As we expected, the price tested the level of 1.7147. In the daily time frame, we can observe a breakout of our strong support at the level of 1.7260. The intraday trend is downward. On the M30 chart, we can observe an absorption volume from Friday's volume spike, which is a sign that buying looks very risky. I had placed Fibonacci expansion levels to find potential resistance (end of upward correction phase) and I got Fibonacci expansion 100% at the level of 1.7270 and Fibonacci expansion 161.8% at the level of 1.7340. Watch for potential selling opportunities after retracement. We may see a test at the level of 1.7010.
Fibonacci Pivot Points :
Resistance levels:
R1: 1.7370
R2: 1.7430
R3: 1.7535
Support levels:
S1: 1.7165
S2: 1.7100
S3: 1.7000
Trading recommendations: Be careful when buying and watch for potential selling opportunities.
The material has been provided by InstaForex Company - www.instaforex.com