Overview:
Recently, EUR/NZD has been moving downwards. As we expected, the price tested the level of 1.6855 in a high volume. In the daily time frame, we can observe a supply bar in a volume below the average. According to the H4 chart, we have an absorption volume in the background (short-term buying looks very risky). We may expect continuation of downward movement if the price breaks strong support at the level of 1.6800. According to Wyckoff analysis, the price is building a potential strong distribution (selling). Intraday frames are favoring sellers as well.
Fibonacci Pivot Points :
Resistance levels:
R1: 1.6815
R2: 1.6850
R3: 1.6915
Support levels:
S1: 1.6690
S2: 1.6650
S3: 1.6590
Trading recommendations: Watch only for selling opportunities if the price breaks the level of 1.6800 in a high volume.
The material has been provided by InstaForex Company - www.instaforex.com