Overview:
Recently, EUR/NZD has been moving upwards. The price tested the level of 1.6336. In the daily time frame, we can observe a neutral bar (indecision) in a volume below the average. In the daily time frame, I placed Fibonacci expansion levels to find a potential downward station. I got Fibonacci expansion 161.8% at the price of 1.5990 (downward target). There are a few technical reasons for this strong downward pressure: 1. Massive upthrust in an ultra-high volume bar in the background (supply overcame demand); 2. Another upthrust bar from the same zone; 3. Confirmed double-top formation. According to the H4 time frame, I found weak demand at the price of 1.6335. I am still expecting a downward price. Watch for potential selling opportunities on rallies. I found a solid selling zone around the price of 1.6300.
Fibonacci Pivot Points:
Resistance levels:
R1: 1.6245
R2: 1.6275
R3: 1.6330
Support levels:
S1: 1.6145
S2: 1.6115
S3: 1.6060
Trading recommendation for today: Watch for potential selling opportunities on rallies.