Overview:
Recently, EUR/NZD has been trading downwards. The price tested the level of 1.4222 in an average volume. The short-term trend changed from bearish to bullish. Be careful when selling at this stage and watch for potential buying opportunities after a bearish correction. According to the H4 time frame, we can observe supply in an average volume but with a very weak price action. I had placed Fibonacci retracement to find potential support levels. I got Fibonacci retracement 38.2% at the level of 1.4200 and Fibonacci retracement 61.8% at the level of 1.4085. We also found support around 1.4220 (recent swing high like support).
Fibonacci Pivot Points:
Resistance levels:
R1: 1.4371
R2: 1.4408
R3: 1.4469
Support levels:
S1: 1.4250
S2: 1.4212
S3: 1.4150
Trading recommendations: Be careful when selling EUR/NZD and watch for potential buying opportunities after retracement.
