Recently, EUR/NZD has been moving downwards. As we expected, the price tested the level of 1.6752 in a high volume. In the daily time frame, we can observe a supply bar in a volume below the average. According to the H1 chart, we have ultra-high volume demand in the background and strong supply later on, which caused the price to start with downward movement. As long as this potential absorption is active, there is a chance that price can drop further. We may expect continuation of downward movement if the price breaks strong support at the level of 1.6800.
Fibonacci Pivot Points :
Trading recommendations: Watch only for selling opportunities if the price breaks the level of 1.6800 in a high volume.
The material has been provided by InstaForex Company – www.instaforex.com