Recently, EUR/NZD has been moving downwards. The price tested the level of 1.6256 in an ultra high volume. According to the 15M time frame, the strong supply came in with ultra high volume. Later on, I saw no buying pressure and no power from buyers (up thrust bar, no demand bars in a low volume) to react on such a strong supply, which is a sign that supply is very strong. Be very careful when buying EUR/NZD and watch for selling opportunities. The first take profit level is set at the price of 1.6255.
Fibonacci Pivot Points:
Resistance levels:
R1: 1.6560
R2: 1.6610
R3: 1.6690
Support levels:
S1: 1.6400
S2: 1.6350
S3: 1.6265
Trading recommendation for today: There is strong supply in the market. Watch for selling opportunities on the rallies.
