Overview:
Recently, EUR/NZD has been moving downward. The price tested the level of 1.6540 in a volume above the average. In the daily time frame, we can observe a strong supply bar. Our upward trendline got broken, which is a sign that buying EUR/NZD at this stage looks risky and that we may see a bearish phase. Resistance level at the price of 1.6805 is held successfully. Support level is at the price of 1.6340.The short-term trend is bearish, but the mid-term trend is still bullish. I am waiting for larger liquidity and stronger price actions to confirm further direction.
Fibonacci Pivot Points :
Resistance levels:
R1: 1.6805
R2: 1.6845
R3: 1.6900
Support levels:
S1: 1.6690
S2: 1.6650
S3: 1.6595
Trading recommendations: Be careful when buying EUR/NZD and watch for potential selling opportunities. Strong support is around the price of 1.6340.
The material has been provided by InstaForex Company - www.instaforex.com