Recently, EUR/NZD has been moving downwards. The price tested the level of 1.5354 in a high volume. According to the 1H time frame, I found a low volume upper bar and successful rejection from the supply trend line. I did put fractals on the chart and I found a broken down fractal at the price of 1.5379, which is a sign that we may see further downward price. There is another fractal at the price of 1.5354. The potential breakout of 1.5354 will confirm a further downward side. The trend is downward according to multi time frames. So, be careful when buying and watch for potential selling opportunities. A downward target is set at the price of 1.5315.
Fibonacci Pivot Points:
Resistance levels
R1: 1.5450
R2: 1.5465
R3: 1.5490
Support levels:
S1: 1.5400
S2: 1.5385
S3: 1.5360
Trading recommendations for today: Watch for selling opportunities.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Recently, EUR/NZD has been moving downwards. The price tested the level of 1.5354 in a high volume. According to the 1H time frame, I found a low volume upper bar and successful rejection from the supply trend line. I did put fractals on the chart and I found a broken down fractal at the price of 1.5379, which is a sign that we may see further downward price. There is another fractal at the price of 1.5354. The potential breakout of 1.5354 will confirm a further downward side. The trend is downward according to multi time frames. So, be careful when buying and watch for potential selling opportunities. A downward target is set at the price of 1.5315.
Fibonacci Pivot Points:
Resistance levels
R1: 1.5450
R2: 1.5465
R3: 1.5490
Support levels:
S1: 1.5400
S2: 1.5385
S3: 1.5360
Trading recommendations for today: Watch for selling opportunities.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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