Overview :
Recently, EUR/NZD has been moving downwards. As I expected, the price tested the level of 1.6549 in a high volume. In the daily time frame, I found a weak demand bar, which made the price head downwards. In the 4-hour time frame, we can observe a strong rejection from our resistance cluster (1.7025). Therefore, be careful when buying EUR/NZD at this stage and watch for potential selling opportunities. The level of 1.6700 may be a good level for selling. I found strong support around the price of 1.6520-1.6450 (Fibonacci expansions 100% and swing low). Moving averages are heading downward. A breakout of the level 1.6450 may confirm potential testing of 1.6180 (Fibonacci expansion 161.8%).
Fibonacci Pivot Points:
Resistance levels:
R1: 1.6865
R2: 1.6910
R3: 1.6980
Support levels:
S1: 1.6720
S2: 1.6670
S3: 1.6600
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.
