Recently, EUR/NZD has been moving downwards. The price tested the level of 1.6639 in a high volume. EUR/NZD has broken the upward channel. So, buying opportunities are not preferable anymore. According to the H4 time frame, I found resistance cluster and buying climax (volume spike), which caused the price to start moving downward. The first take profit level is set at the price of 1.6610 (Fibonacci retracement 38.2%) and the second take profit level is set at the price of 1.6480 (Fibonacci retracement 61.8%)
Fibonacci Pivot Points:
Resistance levels:
R1: 1.6770
R2: 1.6800
R3: 1.6840
Support levels:
S1: 1.6690
S2: 1.6660
S3: 1.6620
Trading recommendation for today: Watch for selling opportunities on rallies.
The material has been provided by InstaForex Company - www.instaforex.com