Overview:
Recently, EUR/NZD has been moving sideways around the level of 1.6630. In the daily time frame, we can observe a weak demand bar. Our 6-day support level at 1.6845 (Fibonacci retracement 38.2%) got finally broken and we can see a potential test at the level of 1.6280. The price is still moving in a downward channel. Selling opportunities are preferable. I am waiting for larger liquidity and stronger price action to confirm further downward continuation. The first support level is seen at 1.6505. I had placed Fibonacci retracement to find potential mid-term support levels and got Fibonacci retracement 38.2% at the level of 1.6860 (broken), Fibonacci retracement 50% at 1.6280, and Fibonacci retracement 61.8% at 1.5740. The intraday trend is downward.
Fibonacci Pivot Points :
Resistance levels:
R1: 1.6750
R2: 1.6790
R3: 1.6855
Support levels:
S1: 1.6620
S2: 1.6575
S3: 1.6510
Trading recommendations: Be careful when buying and watch for potential selling opportunities after retracement.
The material has been provided by InstaForex Company - www.instaforex.com