Overview :
Recently, EUR/NZD has been moving downwards. As I expected, the price tested the level of 1.6373 in a high volume. In the daily time frame, I found a strong supply bar in a high volume, which made the price headed downwards. In the 4-hour time frame, we can observe a breakout of our support at 1.6450. I also found the confirmed double top formation. Therefore, be careful when buying EUR/NZD at this stage and watch for potential selling opportunities. The level of 1.6520 may be a good level to sell (strong support became strong resistance). Next downward target is seen at the level of 1.6180 ( sub-major Fibonacci expansion 161.8%) and at the level of 1.5990 (major Fibonacci expansion 161.8%).
Fibonacci Pivot Points:
Resistance levels:
R1: 1.6700
R2: 1.6800
R3: 1.6960
Support levels:
S1: 1.6390
S2: 1.6285
S3: 1.6125
Trading recommendation: watch for potential selling opportunities on rallies.
