Overview :
Recently, EUR/NZD has been moving downwards. As I expected, the price tested the level of 1.6476 in a high volume. In the daily time frame, we can observe an up-thrust bar (bearish bar), which is a sign of weakness. Be careful when buying EUR/NZD at this stage and watch for potential selling opportunities. 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: 1.6645
R2: 1.6690
R3: 1.6760
Support levels:
S1: 1.6500
S2: 1.6455
S3: 1.6380
Trading recommendation: watch for potential selling opportunities on rallies.
