Overview:
Recently, EUR/NZD has been moving sideways around the level of 1.7890. We are facing low volatility on the market. I am waiting for larger acitivity and stronger pire actions to confirm further direction. In the daily time frame, we can observe a demand bar in a volume below the average and weak price action (potential selling). The intraday trend is neutral. I found strong trading range between the levels of 1.8000 (resistance) and 1.7270 (support). In the H1 time frame, we can observe weakness (no demand bar) that means we may expect further downward movement. Buying looks very risky. We may see potential testing of our support at the level of 1.7660. Anyway, wait for changing in trend since the current intraday trend is neutral.
Fibonacci Pivot Points :
Resistance levels:
R1: 1.7970
R2: 1.8015
R3: 1.8090
Support levels:
S1: 1.7825
S2: 1.7900
S3: 1.7710
Trading recommendations: Weakness is observed in the H1 time frame. Be careful when buying EUR/NZD and watch for potential selling opportunities if the trend changes its direction.
