Overview:
Recently, EUR/NZD has been moving sideways around the price of 1.5930. The short-term trend is still downward. The major 22-day trading range (redistribution) support at the level of 1.6150 was broken last week. In the H1 time frame, I found a solid trading range between the prices of 1.5875 and 1.5970. Watch for a potential breakout downside to confirm further downward continuation. 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: 1.6015
R2: 1.6050
R3: 1.6115
Support levels:
S1: 1.5895
S2: 1.5855
S3: 1.5795
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.
