Overview:
Recently, EUR/NZD has been moving downwards. The price tested the level of 1.6234. In the background, the price went down in an ultra-high volume (selling climax), so trading around the level of 1.6180 looks very risky. I saw rejection from Fibonacci retracement 61.8% at the level of 1.6255. We may see potential retesting of 1.6560 during the next period. Selling looks very risky.
Fibonacci Pivot Points:
Resistance levels:
R1: 1.6430
R2: 1.6500
R3: 1.6615
Support levels:
S1: 1.6210
S2: 1.6140
S3: 1.6030
Trading recommendations : Selling EUR/NZD at this stage looks very risky since the price is testing the major support cluster. Watch for potential buying opportunities on dips.
