Overview:
Recently, EUR/NZD has been moving upwards. The price tested the level of 1.7058 in a low volume. In the daily time frame, we can observe double confirmed upward thrusting bars. According to the H1 chart, we have no demand bars confirmed at the price of 1.7040. That activity made the price drop and create 2-bar revrsal as well, which is now a clear sign that we may expect a downward movement. According to Wyckoff analysis, the price is building a potential strong distribution (selling). The price broke upward trading range and we may expext stronger selling pressure in the next period. Watch only for selling opportunities after retracements. The intraday trend has changed from upward to downward.
Fibonacci Pivot Points :
Resistance levels:
R1: 1.6955
R2: 1.6985
R3: 1.7035
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.
