In our last
analysis, EUR/NZD was trading downward.The price tested the level of
1.5750 in an average volume. According to the daily time frame, we got
weak demand, which casued price to continue with downward movement. I placed Fibonacci expansion to find potential support levels and got Fibonacci expansion 161.8% at the price of 1.5585. According to
the H4 time frame, we can observe a lack of supply in an average volume
and lack of demand in the background. My advice is to watch for
potenatial selling opportunities after retracement.
Fibonacci pivot levels:
recommendations: Be careful when buying the EUR/NZD pair since we
have a lack of demand around the level of 1.5840.
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