Overview:
Recently, EUR/NZD has been moving downwards. As we had expected, the price tested the level of 1.6580. In the daily time frame, we can observe a supply bar in a high volume. Our 6-day support level at 1.6845 (Fibonacci retracement 38.2%) got finally broken and we may see potential testing the level of 1.6280. Selling opportunities are preferable. On the H1 chart, we can observe weak demand around the level of 1.6675. I had placed Fibonacci retracement to find potential mid-term support levels and got Fibonacci retracement 38.2% at the level of 1.6860 (broken), Fibonacci retracement 50% at 1.6280, and Fibonacci retracement 61.8% at 1.5740.
Fibonacci Pivot Points :
Resistance levels:
R1: 1.7110
R2: 1.7195
R3: 1.7330
Support levels:
S1: 1.6835
S2: 1.6750
S3: 1.6615
Trading recommendations: Be careful when buying and watch for potential selling opportunities after retracement.
