Recently, EUR/NZD has been moving upwards. The price tested the level of 1.6521. Anyway, EUR/NZD is in downtrend and I found a bearish flag formation, which is a sign that we may see further bearish continuation. Watch for potential breakout of berish flag to confirm further bearish continuation. The breakout of 1.6440 will confirm further downward movement. The first take profit level is set at the price of 1.6265 (swing low).
Fibonacci Pivot Points:
Resistance levels:
R1: 1.6490
R2: 1.6520
R3: 1.6570
Support levels:
S1: 1.6390
S2: 1.6360
S3: 1.6310
Trading recommendation for today: Watch for breakout of the bearish flag formation to confirm further downward movement.
