Overview:
Recently, EUR/NZD has been moving downwards. As I expected, due to a massive buying climax in the background, the price tested the level of 1.6513. In the daily time frame, we can observe strong supply bar in a high volume, which is a sign of weakness. According to the M30 time frame, I found potential downward continuation. The level of 1.6600 looks very good for selling. I placed Fibonacci expansion to find a potential downward station. I got Fibonacci expansion 61.8% at the level of 1.6415. Watch for potential selling opportunities on rallies.
Fibonacci Pivot Points:
Resistance levels:
R1: 1.6705
R2: 1.6770
R3: 1.6875
Support levels:
S1: 1.6500
S2: 1.6435
S3: 1.6325
Trading recommendation for today: Watch for potential selling opportunities on rallies.
The material has been provided by InstaForex Company - www.instaforex.com