Overview:
Recently, EUR/NZD has been moving downwards. As we expected, the price tested the level of 1.6943. In the daily time frame, we can observe a breakout of our strong support at the level of 1.7260. The intraday trend is downward. On the M30 chart, we can observe weakness near the level of 1.7025. I had placed Fibonacci retracement to find potential mid- term support levels. I got Fibonacci retracement 38.2% at the level of 1.6860, Fibonacci retracement 50% at 1.6280, and Fibonacci retracement 61.8% at 1.5740. Watch for potential selling opportunities after retracement.
Fibonacci Pivot Points :
Resistance levels:
R1: 1.7300
R2: 1.7340
R3: 1.7410
Support levels:
S1: 1.7170
S2: 1.7130
S3: 1.7065
Trading recommendations: Be careful when buying and watch for potential selling opportunities.
