Recently, EUR/NZD has been moving upwards. The price tested the level of 1.6768 in a high volume. EUR/NZD has broken the strong upward channel. So, buying opportunities are not preferable anymore. I found re-testing of a broken channel, which is a sign that we may expect downward price. I placed the Fibonacci expansion to find potential downward targets. I got the Fibonacci expansion 61.8% at the price of 1.6705, Fibonacci expansion 100% at the price of 1.6680 and Fibonacci expansion 161.8% at the price of 1.6635.
Fibonacci Pivot Points:
Resistance levels:
R1: 1.6745
R2: 1.6765
R3: 1.6800
Support levels:
S1: 1.6670
S2: 1.6645
S3: 1.6610
Trading recommendation for today: Watch for selling opportunities on the rallies.
