Overview:
Recently, EUR/NZD has been moving downwards. The price tested the level of 1.6518 in a high volume. Anyway, the price reached our intraday take profit level (resistance) at 1.6875 and then rejected strongly downwards. In the 4H time frame, I saw a test of the strong support level at 1.6515 (swing low, Fibonacci expansion 61.8%). If the price breaks the level of 1.6515, we may expect potential testing of 1.6260 (Fibonacci expansion 100%) and the level of 1.5830 (Fibonacci expansion 161.8%). The intraday trend is downward.
Fibonacci Pivot Points:
Resistance levels:
R1: 1.6875
R2: 1.6945
R3: 1.7060
Support levels:
S1: 1.6650
S2: 1.6580
S3: 1.6465
Trading recommendations: the intraday trend is downard. So, watch for potential breakout of 1.6515 to confirm further downward continuation.
The material has been provided by InstaForex Company - www.instaforex.com