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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.
¡Los informes analíticos de InstaForex lo mantendrá bien informado de las tendencias del mercado! Al ser un cliente de InstaForex, se le proporciona una gran cantidad de servicios gratuitos para una operación eficiente.
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