Recently, EUR/NZD has been moving downwards. As I expected, the pair tested the level of 1.6531 in a high volume. According to the 4H time frame, I found a downward channel. The price broke the upward diagonal and I am expecting a downward continuation. Our Fibonacci expansion 100% at the price of 1.6530 held successfully. Anyway, the trend is downward and buying looks risky. If the price breaks the level of 1.6530 in a high volume, we may see potential testing of 1.6380.
Fibonacci Pivot Points:
Resistance levels:
R1: 1.6655
R2: 1.6675
R3: 1.6710
Support levels:
S1: 1.6585
S2: 1.6560
S3: 1.6530
Trading recommendation for today: Watch for selling opportunities on rallies.
The material has been provided by InstaForex Company - www.instaforex.com