Recently, EUR/NZD has been moving downwards. The price reached my downward target at the price of 1.6545. I found that strength came in at the price of 1.6550. The price rejected strongly, but now the resistance level at the price of 1.6650 is on the test. Buying EUR/NZD at this stage still looks risky, since we may see potential re-test of 1.6550. Watch for weak demand bars to confirm further downward continuation.
Fibonacci Pivot Points:
Resistance levels:
R1: 1.6735
R2: 1.6765
R3: 1.6815
Support levels:
S1: 1.6640
S2: 1.6610
S3: 1.6565
Trading recommendation for today: Watch for weak demand bars to confirm further downward continuation.
