Recently, EUR/NZD is moving downwards. In the daily time frame, we can observe an up-thrust bar (supply bar) around the level of 1.5930 in a high volume. We can see a fake bullish breakout in the background and strong bearish leg in the M30 time frame. My advice is to watch for potential selling opportunities after retracement. I placed Fibonacci retracement to find potential resistance levels. I got Fibonacci retracement 38% at 1.5785, Fibonacci retracement 50% at 1.5815, and Fibonacci retracement 61.8% at the level of 1.5845.
Fibonacci Pivot Points :
Trading recommendations: Be careful when buying EUR/NZD at thi stage since we got strong bearish leg in the background and also bullish fake breakout.
The material has been provided by InstaForex Company – www.instaforex.com