Overview:
Recently, EUR/NZD has been moving downwards. The price tested the level of 1.6170. In the background, the price went down in an ultra-high volume (selling climax), so selling around the level of 1.6180 looks very risky. In the M30 time frame, I found an extended downward channel, and the price is about to break the level of 1.6250. Also, I saw rejection from Fibonacci retracement 61.8% at the level of 1.6150. Major resistance is seen around the level of 1.6540. Intraday resistance is at 1.6350
Fibonacci Pivot Points:
Resistance levels:
R1: 1.6360
R2: 1.6400
R3: 1.6460
Support levels:
S1: 1.6230
S2: 1.6190
S3: 1.6130
Trading recommendations : Selling EUR/NZD at this stage looks very risky since the price is testing the major support cluster. Watch for potential buying opportunities on dips.
The material has been provided by InstaForex Company - www.instaforex.com