Recently, EUR/NZD has been moving downwards. The price tested the level of 1.5912 in a high volume. After the cash rate decision in New Zealand last night the massive supply came in on the market. I found very high volume supply and very strong price action. Buying EUR/NZD at this stage looks risky. According to the 30M time frame, I found up-thrust bars, which are good indication for futher downward movement. The first take profit level is set at the price of 1.5915.
Fibonacci Pivot Points:
Resistance levels:
R1: 1.6310
R2: 1.6340
R3: 1.6390
Support levels:
S1: 1.6210
S2: 1.6185
S3: 1.6135
Trading recommendations for today: there is strong downward pressure on the market. Watch for selling opportunities on the pullbacks.
The material has been provided by InstaForex Company - www.instaforex.com