Overview:
Recently, EUR/NZD has been moving downwards. The price tested the level of 1.6170. In the background, the price went down in an ultra-high volume (selling climax), so selling around the level of 1.6180 looks very risky. In the M30 time frame, I found an extended downward channel, and the price is about to break the level of 1.6250. Also, I saw rejection from Fibonacci retracement 61.8% at the level of 1.6150. Major resistance is seen around the level of 1.6540. Intraday resistance is at 1.6350
Fibonacci Pivot Points:
Resistance levels:
R1: 1.6360
R2: 1.6400
R3: 1.6460
Support levels:
S1: 1.6230
S2: 1.6190
S3: 1.6130
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.
