Overview:
Recently, EUR/NZD has been trading downwards. As we expected, the price tested the level of 1.3877 in a high volume. Our Fibonacci expansion 100% at the level of 1.4025 is broken. The short-term trend is bearish. Be careful when buying and watch for potential selling opportunities after corrections. We may see possible testing of 1.3715 (Fibonacci expansion 161.8%). According to the H4 time frame, we can observe a supply in an average volume. Selling positions are preferable. Resistance levels are at 1.3945-1.3980 (recent swing lows).
Fibonacci Pivot Points:
Resistance levels:
R1: 1.4045
R2: 1.4070
R3: 1.4113
Support levels:
S1: 1.3961
S2: 1.3935
S3: 1.3893
Trading recommendations: Be careful when buying EUR/NZD and watch for potential selling opportunities after retracement.
