Recently, EUR/NZD has been moving downwards. As I expected, the price tested the level of 1.5390 in a high volume. My second downward target at the price of 1.5400 has been reached. According to the 4H time frame, I am expecting further downward continuation due to strong weakness in the background. Next downward station is set at the price of 1.5235. Watch for breakout of 1.5400 to confirm further downward continuation.
Fibonacci Pivot Points:
Resistance levels
R1: 1.5545
R2: 1.5575
R3: 1.5625
Support levels:
S1: 1.5450
S2: 1.5420
S3: 1.5370
Trading recommendations for today: Watch for selling opportunities.
The material has been provided by InstaForex Company – www.instaforex.com
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