Recently, EUR/NZD has been trading downwards. The price tested the level of 1.4665. According to the 30M time frame, I found hidden bearish divergence on moving average oscilator and breakout of support, which is a sign that buying looks risky. The trend is still downward. My advice is to watch for selling opportunities. I have placed Fibonacci expansion to find potential downward target. I got Fibonacci expansion 161.8% at the price of 1.4620.
Fibonacci Pivot Points:
Resistance levels:
R1: 1.4750
R2: 1.4800
R3: 1.4840
Support levels:
S1: 1.4715
S2: 1.4695
S3: 1.4660
Trading recommendations for today: watch for potential selling opportunities.
The material has been provided by InstaForex Company - www.instaforex.com