Overview:
Recently, EUR/NZD has been trading downwards. The price tested the level of 1.4999 in a high volume . The short-term trend is bearish. According to the daily time frame, supply is in a volume below the average. According to the 30-minute time frame, the price has broken the strong trading range between the price of 1.5040 and 1.5260. Be careful when buying. I placed Fibonacci expansion to find potential bearish targets and got Fibonacci expansion 61.8% at the price of 1.5070 (broken), Fibonacci expansion 100% at the price of 1.4940 and Fibonacci expansion 161.8% at the price of 1.4725. Watch for potential selling opportunities after retracement.
Fibonacci Pivot Points:
Resistance levels:
R1: 1.5170
R2: 1.5210
R3: 1.5270
Support levels:
S1: 1.5045
S2: 1.5000
S3: 1.4940
Trading recommendations: Be careful when buying EUR/NZD at this stage since we can observe strong bearish activity (volume) in the background and broken trading range.
The material has been provided by InstaForex Company - www.instaforex.com