Recently, EUR/NZD has been moving downwards. As I expected, the price tested the level of 1.6273 in a high volume. According to the 4H time frame, I found another bearish engulfing pattern in a high volume. Be careful when buying EUR/NZD at this stage, since we may see futher downward continuation. Take profit level is set at the price of 1.6226 (previous swing low).
Fibonacci Pivot Points:
Resistance levels:
R1: 1.6420
R2: 1.6445
R3: 1.6490
Support levels:
S1: 1.6325
S2: 1.6295
S3: 1.6250
Trading recommendation for today: Watch for selling opportunities on pullbacks.
