Recently, EUR/NZD has been moving sideways at the price of 1.5755. According to the 15M time frame, I found a bearish engulfing pattern in a high volume. I found rejection from 200SMA. Be careful when buying EUR/NZD at this stage and watch for selling opportunities. I have placed Fibonacci expansion to find potential downward targets. I got Fibonacci expansion 61.8% at the price of 1.5710 and Fibonacci expansion 100% at the price of $1,5670.
Fibonacci Pivot Points:
Resistance levels:
R1: 1.5975
R2: 1.5815
R3: 1.5840
Support levels:
S1: 1.5735
S2: 1.5720
S3: 1.5690
Trading recommendations for today: Watch for selling opportunities on the pullbacks.
