Overview:
Recently, EUR/NZD has been moving downward. The price tested the level of 1.6681. In the daily time frame, we can observe a strong supply bar. Also, the price is moving below our SMA10 and SMA50. The price performed a fake breakout of a downward channel. Selling EUR/NZD at this stage is preferable. I am waiting for larger liquidity and stronger price actions to confirm further direction. If the price breaks the level of 1.6500, we may see the downward continuation.
Fibonacci Pivot Points :
Resistance levels:
R1: 1.6940
R2: 1.6980
R3: 1.7040
Support levels:
S1: 1.6820
S2: 1.6785
S3: 1.6725
Trading recommendations: Be careful when buying at this stage. Selling positions are preferable. Support is seen at the level of 1.6500.
The material has been provided by InstaForex Company - www.instaforex.com