Overview :
Recently, EUR/NZD has been moving sideways around the level of 1.6760. In the daily time frame, I found a supply bar in a volume below the average. In the 4-hour time frame, we can observe strong rejection from our resistance cluster (1.7025). Therefore, be careful when buying EUR/NZD at this stage and watch for potential selling opportunities. Our Fibonacci expansion 61.8% at 1.6720 is on the test. If the price breaks the level of 1.6720, we may expect potential testing of Fibonacci expansion 100% at 1.6525, and Fibonacci expansion 161.8% at 1.6210. Watch for potential selling opportunities on rallies. Moving averages are headed sideways. According to M30 time frame, I found a trading range between the level of 1.6700 (support) and the level of 1.6835 (resistance). Watch for potential breakout of trading range to confirm further direction.
Fibonacci Pivot Points:
Resistance levels:
R1: 1.6780
R2: 1.6800
R3: 1.6845
Support levels:
S1: 1.6700
S2: 1.6675
S3: 1.6635
Trading recommendation: A spike in an ultra-high volume (potential buying climax) is seen in the background. Be careful when buying EUR/NZD and watch for potential selling opportunities.
