Recently, EUR/NZD has been moving downwards. As I had expected, the price tested the level of 1.5882 in an high volume. According to the 1H time frame, I found a broken bearish flag, which is a sign that downward pressure may continue. I have placed the Fibonacci expansion to find potential downward targets. I got the Fibonacci expansion 100% at the price of 1.5830 and Fibonacci expansion 161.8% at the price of 1.5700. Watch for selling opportunities on the pullbacks. The trend is downward.
Fibonacci Pivot Points:
Resistance levels:
R1: 1.6070
R2: 1.6110
R3: 1.6175
Support levels:
S1: 1.5945
S2: 1.5905
S3: 1.5840
Trading recommendations for today: Watch for selling opportunities on the pullbacks since I found a broken bearish flag.