Overview:
Recently, EUR/NZD has been moving downwards .As I had expected, the price tested the level of 1.6018 in a high volume. In the H4 time frame, I found strong head and shoulders formation confirmed. Be careful when buying EUR/NZD at this stage since I expect lower prices. I had placed Fibonacci expansion to find potential support levels. I got Fibonacci expansion 61.8% at the level of 1.6070, Fibonacci expansion 100% at the level of 1.5840 (broken) and Fibonacci expansion 161.8% at the level of 1.5470.
Fibonacci Pivot Points:
Resistance levels:
R1: 1.6190
R2: 1.6240
R3: 1.6315
Support levels:
S1: 1.6035
S2: 1.5990
S3: 1.5910
Trading recommendations : Buying EUR/NZD looks very risky at this stage since the price confirmed head and shoulders formation. Watch for potential selling opportunities.
