Overview:
Recently, EUR/NZD has been moving downwards. The price tested the level of 1.6520 in a high volume. In the daily time frame, we can observe neutral bar and testing of Fibonacci retracement 50%. In the H1 time frame, we found a support trendline which the price should break to confirm potential upward movement. If the price doesn't break the trendline, a further downward movement will be possible. Fibonacci retracement 61.8% is at the price of 1.6390. The resistance level is seen at 1.7260. The trend is neutral but intraday momentum is downward.
Fibonacci Pivot Points:
Resistance levels:
R1: 1.6910
R2: 1.7010
R3: 1.7180
Support levels:
S1: 1.6570
S2: 1.6470
S3: 1.6300
Trading recommendations: Intraday trend is downward. As long as the support trendline holds watch for potential selling opportunities.
The material has been provided by InstaForex Company - www.instaforex.com