Recently, EUR/NZD has been moving sideways at the price of 1.5770. According to the 1H time frame, I found a descending triangle (continuation pattern) in creation. Be careful when buying EUR/NZD and watch for a potential breakout of the descending triangle. The breakout of 1.5740 in a high volume will confirm further downward continuation. The projected target from the descending triangle is set at the price of 1.5675. The major near-term target is set at the price of 1.5500.
Fibonacci Pivot Points:
Resistance levels:
R1: 1.5910
R2: 1.5950
R3: 1.6030
Support levels:
S1: 1.5750
S2: 1.5700
S3: 1.5620
Trading recommendations for today: Watch for selling opportunities if the price breaks support of the descending triangle.
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