Recently, EUR/NZD has been moving upwards. The price tested the level of 1.7878. In the daily time frame, we can observe a demand bar in a volume below average. The intraday trend is neutral. I found strong resistance (cluster) around the level of 1.7870. We need to see a change in the trend behavior to confirm any direction. In the H1 time frame, we can observe sings of weakness (supply coming in) that means we may expect a downward movement. I had placed Fibonacci retracement to find potential support levels. I got Fibonacci retracement 38.2% at 1.7670, Fibonacci retracement 50% at 1.7605 and Fibonacci retracement 61.8% at 1.7540.
Fibonacci Pivot Points :
Trading recommendations: Weakness is observed in the H1 time frame. Be careful when buying EUR/NZD around 1.7870.
The material has been provided by InstaForex Company – www.instaforex.com