Recently, EUR/NZD has been moving upwards. As I expected, the price tested the level of 1.5990 in an average volume. I found an upward channel (a potential bearish flag). The trend is downward and buying EUR/NZD at this stage looks risky. Watch for a potential breakout of the bearish flag to confirm a further downward continuation. According to the 1H time frame, I found weakness today, so watch for short opportunities and potential target at 1.5900. I found rejection from 20 EMA (green) and 50EMA (red). If the price breaks the level of 1.5900 in a high volume, we may see potential testing of 1.5840.
Fibonacci Pivot Points:
Resistance levels:
R1: 1.5975
R2: 1.6000
R3: 1.6050
Support levels:
S1: 1.5885
S2: 1.5855
S3: 1.5810
Trading recommendations for today: Strong downward trend on the market. Anyway, watch for a potential breakout of the bearish flag at 1.5900 to confirm a further downward price.
The material has been provided by InstaForex Company – www.instaforex.com
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