Overview:
Recently, EUR/NZD has been moving downwards. The price tested the level of 1.6787in a high volume. In the daily time frame, we can observe an up-thrust bar in an ultra high volume (selling climax). The price has broken our major resistance level (1.6805) and also did successful re-test. Anyway, according to the H1 chart we have ultra-high volume demand in the background and strong supply later on. As long as this potential absorption is active, there is a change that price can drop. The price is testing Fibonacci retracement 61.8% at the level of 1.6965. The trend is upward.
Fibonacci Pivot Points :
Resistance levels:
R1: 1.7015
R2: 1.7075
R3: 1.7170
Support levels:
S1: 1.6825
S2: 1.6765
S3: 1.6670
Trading recommendations: Upward trend but still strong buying climax in the background. Wait for potential absorption volume to confirm further upward movement.
The material has been provided by InstaForex Company - www.instaforex.com