Overview:
Recently, EUR/NZD has been moving upwards. The price tested the level of 1.6940 in a high volume. In the daily time frame, we can observe double confirmed up-thrust bars. According to the H1 chart, we have an absorption volume in the background (short-term buying looks very risky). We may expect continuation of downward movement. Fibonacci retracement 61.8% is at the price of 1.6945. According to Wyckoff analysis, the price is building a potential strong distribution (selling). Intraday frames are favoring sellers as well. Strong support is around the price of 1.6700.
Fibonacci Pivot Points :
Resistance levels:
R1: 1.6875
R2: 1.6915
R3: 1.6980
Support levels:
S1: 1.6745
S2: 1.6700
S3: 1.6640
Trading recommendations: Watch only for selling. The price successfully rejected from our Fibonacci retracement 61.8%. Sell after retracements.
