Recently, EUR/NZD has been moving downwards. As I expected, the price tested my first target at 1.5840. According to the 1H time frame, I found a broken bearish flag formation. In the background, I saw a sharp decline in a heavy volume, which is a good sign that sellers are in control. If the price breaks the level of 1.5840 in a high volume, we may see potential testing of 1.5500 (major Fibonacci expansion 61.8%).
Fibonacci Pivot Points:
Resistance levels:
R1: 1.5995
R2: 1.6030
R3: 1.6090
Support levels:
S1: 1.5885
S2: 1.5850
S3: 1.5790
Trading recommendations for today: Watch for selling opportunities on pullbacks since I found strong downward momentum in the background and a broken bearish flag (continuation pattern)