Recently, EUR/NZD has been moving downwards. As I expected, the price tested the level of 1.5564 in a high volume. My downward target from yesterday at the price of 1.5670 was reached. According to the 30M time frame, I found a downward trend and sign of further weakness. There is an up-thrust bar and rejection from the 21SMA, which is a good sign for further lower price. I placed the Fibonacci expansion to find potential downward targets. I got the Fibonacci expansion 100% at the price of 1.5530 and the Fibonacci expansion 161.8% at the price of 1.5400.
Fibonacci Pivot Points:
Resistance levels:
R1: 1.5735
R2: 1.5760
R3: 1.5805
Support levels:
S1: 1.5650
S2: 1.5625
S3: 1.5580
Trading recommendations for today: Be careful when buying and watch for selling opportunities.
