Overview:
Recently, EUR/NZD has been moving downwards. The price tested the level of 1.6493. In the daily time frame, we can observe a supply bar in an average volume. In the H4 time frame, I found support level at the price of 1.6500, which held successfully. I have placed the Fibonacci expansion to find potential upward targets and resistance levels. I got the Fibonacci expansion 61.8% at the level of 1.6955, Fibonacci expansion 100% at the level of 1.7240, and the Fibonacci expansion 161.8% at the level of 1.7670. Watch for potential buying opportunities on dips. Anyway, I would like to see a successful breakout in a high volume of the 1.6870 to confirm further upward movement. Otherwise, if the price breaks the level of 1.6500 in a high volume, we may see potential testing of 1.6240.
Fibonacci Pivot Points:
Resistance levels:
R1: 1.6820
R2: 1.6875
R3: 1.6960
Support levels:
S1: 1.6650
S2: 1.6595
S3: 1.6510
Trading recommendation for today: Watch for successful breakout of resistance or support to confirm further direction.
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