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Overview:
Recently, EUR/NZD has been moving downwards. As I expected, the price tested the level of 1.5947 in a average volume. In the daily time frame, I found a weak supply bar and a strong head-and-shoulders confirmed formation (a broken neckline). According to the H1 time frame, the pair is trading below 50, 100, 200 SMA. I found 2 climatic actions in a background and a strong up-thrust bar in a ultra-high volume (sign of weakness). Be careful when buying EUR/NZD at this stage since lower prices are expected. I placed Fibonacci expansion to find potential support levels. I got Fibonacci expansion 61.8% at the level of 1.6070 (broken), Fibonacci expansion 100% at the level of 1.5840, and Fibonacci expansion 161.8% seen at the level of 1.5470.
Fibonacci Pivot Points:
Resistance levels:
R1: 1.6070
R2: 1.6095
R3: 1.5985
Support levels:
S1: 1.5990
S2: 1.5970
S3: 1.5930
Trading recommendations : Buying EUR/NZD looks very risky at this stage since the price confirmed the head-and-shoulders formation. Watch for potential selling opportunities.
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