Overview:
Recently, EUR/NZD has been moving downwards. The price tested the level of 1.6617. In the daily time frame, we can observe a weak supply bar in a volume below the average. The price rejected from our major resistance level (1.6805). According to the H4 time frame, we can observe weakness in the background, which is a sign that buying looks risky at this stage. The short-term trend has changed from bullish to neutral. I found a strong trading range between the levels of 1.6805 and 1.6333. Watch for a potential breakout of our trading range to confirm further direction. The price has broke our upward trendline, which is a sign that sellers may start larger movement downward.
Fibonacci Pivot Points :
Resistance levels:
R1: 1.6730
R2: 1.6755
R3: 1.6796
Support levels:
S1: 1.6645
S2: 1.6625
S3: 1.6580
Trading recommendations: Wait for a breakout of the trading range to confirm further direction.
