Overview:
Recently, EUR/NZD has been moving donwards. As we had expected, the price tested the level of 1.7645. In the daily time frame, we can observe a supply bar in a volume below the average and weak price action (potential selling). The intraday trend is neutral. I found strong trading range between the levels of 1.8000 (resistance) and 1.7270 (support). In the H1 time frame, we can observe weakness (no-demand bar) that means we may expect further downward movement. Buying looks very risky. We may see potential re-testing of our support at the level of 1.7650.
Fibonacci Pivot Points :
Resistance levels:
R1: 1.7890
R2: 1.7950
R3: 1.8050
Support levels:
S1: 1.7690
S2: 1.7630
S3: 1.7530
Trading recommendations: Weakness is observed in the H1 time frame. Be careful when buying EUR/NZD and watch for potential selling opportunities.
The material has been provided by InstaForex Company - www.instaforex.com