Overview:
Recently, EUR/NZD has been moving downwards. As we expected, the price tested the level of 1.7676. In the daily time frame, we can observe a strong sign of weakness (two-bar reversal). The intraday trend is neutral. Our strong trading range between the levels of 1.8000 (resistance) and 1.7270 (support) is still active. In the H1 time frame, we can observe strong sign of weakness from the top (up-thrust). Buying looks very risky. Watch only for selling opportunities after retracement. Anyway, current momentum is upward so if you want to sell wait for demand to become weak or otherwise the price can go higher.
Fibonacci Pivot Points :
Resistance levels:
R1: 1.7905
R2: 1.8000
R3: 1.8160
Support levels:
S1: 1.7585
S2: 1.7485
S3: 1.7325
Trading recommendations: There is weakness on the market from the top. Watch only for selling opportunities after retracement. Strong resistance at the price of 1.8000 was held sucessfully.
