Overview:
Recently, EUR/NZD is moving downwards. As we expected, the price tested the level of 1.6146 in an ultra-high volume (selling climax). In the daily time frame, we can observe a weak supply bar, which is a sign of the sideways market. The short-term trend is neutral, but the mid-term trend is bullish. According to the H1 time frame, we can observe a bearish bar in an ultra-high volume (selling climax) and strong reaction from buyers. Bullish corrective phase is possible. Anyway, I am waiting for larger activity on the market and stronger price action to confirm the further direction.
Fibonacci Pivot Points :
Resistance levels:
R1: 1.6325
R2: 1.6350
R3: 1.6400
Support levels:
S1: 1.6230
S2: 1.6200
S3: 1.6155
Trading recommendations: Selling climax according to the H1 time frame. Selling looks risky because strong reaction from buyers around the price of 1.6145
