Overview:
Recently, EUR/NZD has been moving sideways around the level of 1.6400. In the daily time frame, we can observe a neutral bar. Our Fibonacci major retracement 50% held successfully and the price was rejected. An intraday trend is neutral but short-term trend is still downward. The support level is found at 1.6150. If the price breaks the level of 1.6150, we may see a downward continuation. In the H1 time frame, we can observe weak demand bars, which is a sign that buying EUR/NZD looks risky at this stage.
Fibonacci Pivot Points :
Resistance levels:
R1: 1.6350
R2: 1.6375
R3: 1.6420
Support levels:
S1: 1.6245
S2: 1.6225
S3: 1.6180
Trading recommendations: Be careful when buying at this stage. Short positions are preferable.
