Overview:
Recently, EUR/NZD has been moving downwards. As we expected, the price tested the level of 1.7583. In the daily time frame, we can observe a supply bar in an average volume. The trend is neutral. Buying still looks risky, since we got strong weakness on the background. Watch only for selling opportunities after retracement. Support is seen around the level of 1.7275. We need to see a change in trend behavior from neutral to downward and then we can watch for selling opportunities. According to the H4 time frame, we can observe sings of weakness (no demand) that means we may expect a downward movement.
Fibonacci Pivot Points :
Resistance levels:
R1: 1.7840
R2: 1.7895
R3: 1.7990
Support levels:
S1: 1.7650
S2: 1.7590
S3: 1.7495
Trading recommendations: Watch only for selling opportunities after retracement.
The material has been provided by InstaForex Company - www.instaforex.com