Overview:
Recently, EUR/NZD is moving downwards. The price tested the level of 1.6491 in a high volume. In the daily time frame, we can observe a weak demand bar, which is a sign that buying looks risky. The short-term trend changed from bullish to neutral. According to the H4 time frame, we can observe up-thrust bar (bearish), which is a sign for bearish movements. I had placed Fibonacci retracement to find potential support levels. I got Fibonacci retracement 38.2% at the level of 1.6400, Fibonacci retracement 50% at the level of 1.6330 and Fibonacci retracement 61.8% at the level of 1.6260.
Fibonacci Pivot Points :
Resistance levels:
R1: 1.6450
R2: 1.6480
R3: 1.6530
Support levels:
S1: 1.6360
S2: 1.6330
S3: 1.6280
Trading recommendations: The short-term trend has changed from bullish to neutral. Bearish phase is in progress and buying looks risky.
