Overview :
Recently, EUR/NZD has been moving upwards. The price tested the level of 1.6682 in a high volume. In the daily time frame, we can observe a bullish correction. Anyway, the level of 1.6640 may be a good level for selling since we got there corrective Fibonacci expansion 161.8% and support cluster, which became solid resistance. Be careful when buying EUR/NZD at this stage and watch for potential selling opportunities. Next downward target is seen at the level of 1.6180 ( sub-major Fibonacci expansion 161.8%) and at the level of 1.5990 (major Fibonacci expansion 161.8%).
Fibonacci Pivot Points:
Resistance levels:
R1: 1.6600
R2: 1.6645
R3: 1.6720
Support levels:
S1: 1.6445
S2: 1.6395
S3: 1.6320
Trading recommendation: watch for potential selling opportunities on rallies.
The material has been provided by InstaForex Company - www.instaforex.com