Recently, EUR/NZD has been moving downwards. The price tested the level of 1.5017 in a high volume. According to the 4H time frame, I found rejection from multi Fibonacci ratio, which is a sign that EUR/NZD may go lower. There is also a broken upward trendline in the background, which is another sign of weakness. I have placed Fibonacci expansion to find potential downward targets. I got Fibonacci expansion 100% at the price of 1.4910 and Fibonacci expansion 161.8% at the price of 1.4730.
Fibonacci Pivot Points:
Resistance levels
R1: 1.5165
R2: 1.5200
R3: 1.5260
Support levels:
S1: 1.5050
S2: 1.5020
S3: 1.4965
Trading recommendations for today: Watch for selling opportunities with the first target at 1.4910.
The material has been provided by InstaForex Company - www.instaforex.comFrom www.instaforex.com http://ift.tt/2j5UZay
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