Recently, EUR/NZD has been moving downwards. According to the 1H time frame, I found a downward channel. The price broke the upward diagonal and I am expecting a downward continuation. I placed Fibonacci expansion to find a potential target level. I got Fibonacci expansion 161.8% at the price of 1.6380. My advice is to watch for selling opportunities on rallies. Take profit level is set at the price of 1.6380. The level of 1.6590 seems like a good level for selling positions.
Fibonacci Pivot Points:
Resistance levels:
R1: 1.6688
R2: 1.6720
R3: 1.6765
Support levels:
S1: 1.6590
S2: 1.6560
S3: 1.6510
Trading recommendation for today: Watch for selling opportunities on rallies.
The material has been provided by InstaForex Company - www.instaforex.com