Recently, EUR/NZD has been trading sideways at the price of 1.4745. According to the 15M time frame, I found bearish divergence in progress, which is a sign that buying looks risky. My advice is to watch for potential selling opportunities. A downward target is set at the price of 1.4695. The short-term trend is still downward. Price is also testing Fibonacci retracement 38.2% at the level of 1.4760.
Fibonacci Pivot Points:
Resistance levels
R1: 1.4800
R2: 1.4840
R3: 1.4895
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 Source: Instaforex.com
Recently, EUR/NZD has been trading sideways at the price of 1.4745. According to the 15M time frame, I found bearish divergence in progress, which is a sign that buying looks risky. My advice is to watch for potential selling opportunities. A downward target is set at the price of 1.4695. The short-term trend is still downward. Price is also testing Fibonacci retracement 38.2% at the level of 1.4760.
Fibonacci Pivot Points:
Resistance levels
R1: 1.4800
R2: 1.4840
R3: 1.4895
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
Source: Instaforex.com
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