Overview:
Recently, EUR/NZD has been moving downwards. As I had expected, the price tested the level of 1.6176. The short-term trend has changed from neutral to downward. The major 22-day support at the level of 1.6150 is on the test. In the H4 time our strong resistance at the level of 1.6350 held successfully and we saw strong rejection in line with my expectations. Watch for a potential breakout at the level of 1.6150 in a high volume to confirm further downward continuation. The next support area is seen around the level of 1.5730.
Fibonacci Pivot Points :
Resistance levels:
R1: 1.6335
R2: 1.6370
R3: 1.6430
Support levels:
S1: 1.6220
S2: 1.6185
S3: 1.6130
Trading recommendations : Intraday selling opportunities are preferable. For stronger confirmation of a downward movement wait for a potential breakout of the level of 1.6150.
