Overview:
Recently, EUR/NZD has been moving sideways around the price of 1.5930. The short-term trend is still downward. The major 22-day trading range (redistribution) support at the level of 1.6150 was broken last week. In the H1 time frame, I found a solid trading range between the prices of 1.5875 and 1.5970. Watch for a potential breakout downside to confirm further downward continuation. The major profit target level is at the price of 1.5740 (Major Fibonacci retracement 61.8%.).
According to the Wyckoff research I wrote major points:
SC - Selling climax
AR - Automatic rally
ST - Secondary test
UT - Up thrust
UTAD - Up thrust after distribution
LPSY - Last point of supply
SOW - Sign of weakness
Fibonacci Pivot Points :
Resistance levels:
R1: 1.6015
R2: 1.6050
R3: 1.6115
Support levels:
S1: 1.5895
S2: 1.5855
S3: 1.5795
Trading recommendations : Intraday selling opportunities are preferable. Try to sell on rallies. According to the daily time frame, the profit level is seen at 1.5740.
The material has been provided by InstaForex Company - www.instaforex.com