Overview:
Recently, EUR/NZD has been moving downwards. As I had expected, the price tested the level of 1.6112. The short-term trend is downward. The major 22-day trading range (re-distribution) support at the level of 1.6150 was broken last week. In the H4 time frame, our strong resistance at the level of 1.6240 successfully held. Watch for potential selling opportunities. The first support level is found at 1.6085. If the price breaks the level of 1.6085 in a high volume, it will confirm the further downward continuation and potential testing of the level at 1.5730. According to the Wyckoff research I wrote major points: SC - Selling climax AR - Automatic rally ST - Secondary test UT - Up thrust UTAD - Up thrust after distribution LPSY - Last point of supply SOW - Sign of weakness
Fibonacci Pivot Points :
Resistance levels:
R1: 1.6230
R2: 1.6260
R3: 1.6310
Support levels:
S1: 1.6140
S2: 1.6110
S3: 1.6065
Trading recommendations : Intraday selling opportunities are preferable. The first support level is found at 1.6085. According to the daily time frame, the profit level is seen at 1.5720.
