Overview:
Recently, EUR/NZD has been moving downwards. The price tested the level of 1.6225 in a high volume. I am waiting for larger activity and stronger price actions. The short-term trend is still neutral. The major 20-day support zone is seen at the level of 1.6150. Be careful when selling EUR/NZD before a breakout of the key support level takes place. In the the daily time frame, we can see a supply bar in a high volume. I had placed Fibonacci retracement to find potential support levels and got Fibonacci retracement 50% at the level of 1.6260 and Fibonacci retracement 61.8% at the level of 1.5700. In the M30, I found weak demand around the level of 1.6280.
Fibonacci Pivot Points :
Resistance levels:
R1: 1.6450
R2: 1.6490
R3: 1.6560
Support levels:
S1: 1.6310
S2: 1.6260
S3: 1.6190
Trading recommendations: Selling opportunities are preferable only if the price breaks the level of 1.6150. Watch for a potential high-volume breakout to confirm the further downward direction.
The material has been provided by InstaForex Company - www.instaforex.com