Overview:
Recently, EUR/NZD has been moving upwards. The price tested the level of 1.6232. The short-term trend is still downward. The major 22-day trading range (re-distribution) support at the level of 1.6150 was finally broken. In the H4 time frame, our strong support area between the levels of 1.6150 and 1.6240 now became strong resistance. Watch for potential selling opportunities. The support level is found at 1.6085. If the price breaks the level of 1.6085 in a high volume, it will confirm the further downward continuation and potential testing of the level at 1.5730.
According to the Wyckoff research i wrote major points:
SC - Selling climax
AR - Automatic rally
ST - Secondary test
UT - Up thrust
UTAD - Up thrust after distribution
LPSY - Last point of supply
SOW - Sign of weakness
Fibonacci Pivot Points :
Resistance levels:
R1: 1.6175
R2: 1.6195
R3: 1.6235
Support levels:
S1: 1.6100
S2: 1.6080
S3: 1.6045
Trading recommendations : Intraday selling opportunities are preferable. The first support level is found at 1.6085. According to the daily time frame, the profit level is seen at 1.5720.
The material has been provided by InstaForex Company - www.instaforex.com