Overview:
Recently, EUR/NZD has been moving sideways around the level of 1.6300. In the daily time frame, we can observe a neutral bar. Our Fibonacci major retracement 50% held successfully and the price was rejected. Anyway, we can observe a strong resistance-cluster around the level of 1.6350 and buying EUR/NZD at this stage looks risky. The trend is downward and my advice is to watch for potential selling opportunities. The support level is found at 1.6150.
Fibonacci Pivot Points :
Resistance levels:
R1: 1.6330
R2: 1.6360
R3: 1.6400
Support levels:
S1: 1.6245
S2: 1.6220
S3: 1.6175
Trading recommendations: Be careful when buying at this stage. Selling positions are preferable.
