Recently, EUR/NZD has been moving downwards. As I expected, the price tested the level of 1.5526 in a high volume. According to the 4H time frame, I found weakness in the background and broken upward channel, which is a sign that buying looks risky. I also found a supply trendline, which held successfully (a strong pin bar). My advice is to watch for selling opportunities. I placed Fibonacci to find potential downward targets. I got Fibonacci retracement 50% at the price of 1.5475 and Fibonacci retracement 61.8% at the price of 1.5390.
Fibonacci Pivot Points:
Resistance levels:
R1: 1.5685
R2: 1.5730
R3: 1.5805
Support levels:
S1: 1.5535
S2: 1.5485
S3: 1.5410
Trading recommendations for today: Be careful when buying and watch for selling opportunities.
