Overview:
Recently, EUR/NZD has been moving sideways in the area of 1.6720. In the daily time frame, we can observe a bearish bar, but in a low volume, which is a sign of indecision. I placed Fibonacci retracement to find potential resistance and I found Fibonacci retracement 61.8% at the level of 1.7180 (successfully held few days ago). In the H4 time frame, the price has broken our intraday upward trend line, and we may see a possible downward movement. Be careful when buying and watch for potential selling opportunities.The short-term take profit zone is set at the level of 1.5850.
Fibonacci Pivot Points:
Resistance levels:
R1: 1.6850
R2: 1.6900
R3: 1.7000
Support levels:
S1: 1.6665
S2: 1.6610
S3: 1.6515
Trading recommendations: Intraday trend is downward. Watch for potential selling opportunities.
