Overview:
Recently, EUR/NZD has been moving sideways around the level of 1.6550. In the daily time frame, we can observe a strong supply bar but in a volume below the average. The pair broke the upward trendline, which is a sign that buying EUR/NZD at this stage looks risky and that we may see a bearish phase. The resistance level at 1.6805 is held successfully. Support level is seen at the level of 1.6340. The short-term trend is bearish, but the mid-term trend is still bullish. I am waiting for larger liquidity and stronger price actions to confirm further direction.
Fibonacci Pivot Points :
Resistance levels:
R1: 1.6730
R2: 1.6800
R3: 1.6925
Support levels:
S1: 1.6485
S2: 1.6410
S3: 1.6285
Trading recommendations: Be careful when buying EUR/NZD and watch for potential selling opportunities. Strong support is around the level of 1.6340.
