Overview:
Recently, EUR/NZD has been moving downwards. As I expected, the price tested the level of 1.6756 in a high volume. In the daily time frame, I found large weakness and supply overcoming demand. In the 4-hour time frame, I found the strong resistance level of 1.7200 coupled with strong rejection. So, be careful when buying EUR/NZD at this stage and watch for potential selling opportunities. I placed Fibonacci expansion to find potential support level (take profit levels). I got Fibonacci expansion 61.8% at the level of 1.6750 (currently on the test), Fibonacci expansion 100% at the level of 1.6460, and Fibonacci expansion 161.8% at the level of 1.5985.Watch for potential selling opportunities on rallies.
Fibonacci Pivot Points:
Resistance levels:
R1: 1.7035
R2: 1.7090
R3: 1.7180
Support levels:
S1: 1.6840
S2: 1.6780
S3: 1.6680
Trading recommendations:A a spike in an ultra-high volume (potential buying climax) is seen in the market. Be careful when buying EUR/NZD and watch for potential selling opportunities.
