Overview:
Recently, EUR/NZD has been trading downwards. The price tested the level of 1.4200 in an average volume. The short-term trend is neutral. Be careful when selling at this stage and watch for potential buying opportunities after a bearish correction. According to the H4 time frame, we can observe supply in an average volume but with very weak price action. I placed Fibonacci retracement to find potential support levels and got Fibonacci retracement 38.2% at the level of 1.4200 (on the test) and Fibonacci retracement 61.8% at the level of 1.4085. We also found support around 1.4220 (recent swing high like support). According to the daily time frame, we can observe weak supply.
Fibonacci Pivot Points:
Resistance levels:
R1: 1.4295
R2: 1.4315
R3: 1.4350
Support levels:
S1: 1.4220
S2: 1.4200
S3: 1.4160
Trading recommendations: Be careful when selling EUR/NZD and watch for potential buying opportunities after a retracement.
