Overview:
Recently, EUR/NZD has been moving downwards. The price tested the level of 1.6370. The trend is downward, the price is in the Ichimoku cloud on the H4 chart. We can observe a 12-day major support cluster around 1.6150-1.6210. So, be careful when selling EUR/NZD before a breakout of the key support level takes place. In the the daily time frame, we can see neutral bars, which are a sign for an indecision market. The pair has broken our downward channel but with a very weak price action. A high-volume breakout at the level of 1.6150 will confirm further continuation downward. Resistance is seen at the level of 1.6500. Watch for a potential change in polarity. The strong support at 1.6150 may become strong resistance once it gets broken.
Fibonacci Pivot Points :
Resistance levels:
R1: 1.6482
R2: 1.6505
R3: 1.6540
Support levels:
S1: 1.6410
S2: 1.6385
S3: 1.6345
Trading recommendations: Selling opportunities are preferable. Major support is at the level of 1.6150.
