Recently, EUR/NZD has been trading downwards. As I expected, the price tested the level of 1.4693. According to the 15M time frame, I found hidden bearish divergence in progress, which is a sign that buying looks risky. My advice is to watch for potential selling opportunities. Anyway, to confirm successful bearish divergence I would like to see a successful breakout of 1.4742. If the price breaks the level of 1.4742, EUR/NZD may re-test the level of 1.4695. The short-term trend is still downward.
Fibonacci Pivot Points:
Resistance levels
R1: 1.4810
R2: 1.4845
R3: 1.4900
Support levels:
S1: 1.4700
S2: 1.4670
S3: 1.4615
Trading recommendations for today: watch for potential selling opportunities.
The material has been provided by InstaForex Company – www.instaforex.com
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