Overview:
Recently, EUR/NZD has been moving downwards. The price tested the level of 1.6117 in a high volume. According to the M30 time frame, I found head and shoulders formation confirmed. Be careful when buying EUR/NZD at this stage since I expect lower prices. I had placed Fibonacci expansion to find potential support levels. I got Fibonacci expansion 61.8% at the level of 1.6070, Fibonacci expansion 100% at the level of 1.5840 and Fibonacci expansion 161.8% at the level of 1.5470.
Fibonacci Pivot Points:
Resistance levels:
R1: 1.6240
R2: 1.6280
R3: 1.6340
Support levels:
S1: 1.6115
S2: 1.6080
S3: 1.6015
Trading recommendations : Buying EUR/NZD at this stage looks very risky since the price confirmed head and shoulders formation. Watch for potential selling opportunities.
The material has been provided by InstaForex Company - www.instaforex.com