Recently, EUR/NZD has been moving downwards . The price tested the level of 1.6598. In the daily time frame, we can observe a demand bar which closed in the middle in a high volume (sign of weakness). The price rejected from our major resistance level (1.6805). The short-term trend has changed bullish to neutral. Be careful when buying EUR/NZD at this stage and watch for potential selling opportunities. Our upward trendline got broken in the background which is another sign of weakness.
Fibonacci Pivot Points :
Trading recommendations: Be careful when buying EUR/NZD and watch for potential selling opportunities. Strong resistance is around the level of 1.6805.
The material has been provided by InstaForex Company – www.instaforex.com