Overview:
Recently, EUR/NZD has been moving downwards. As I had expected, the price tested the level of 1.5889. The short-term trend is downward. The major 22-day trading range (redistribution) 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 selling opportunities on rallies. The major profit target level is at the price of 1.5740 (Major Fibonacci retracement 61.8%.)
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: 1.6186
R2: 1.6240
R3: 1.6320
Support levels:
S1: 1.6020
S2: 1.5965
S3: 1.5880
Trading recommendations : Intraday selling opportunities are preferable. Try to sell on rallies. According to the daily time frame, the profit level is seen at 1.5740.
