our last analysis, EUR/NZD was trading downward. The price has tested
the level of 1.5508 in an average volume. Our support level around
the price of 1.5650 got broken, which is a sign that we may see more
downward movement. I have placed major Fibonacci expansion to find
potential support level and got Fibonacci expansion 100% at the price
of 1.5400. According to the H4 time frame, we can observe selling
climax in the background and weak supply later. Selling at this
stage looks risky. My advice is to watch for potential selling
opportunities after retracement with potential target around the
price of 1.5400. Anyway, if we see a larger demand on the market in a
very high volume, it may confirm further bullish phase.
Fibonacci pivot levels:
recommendations: Be careful when selling the EUR/NZD at this stage,
since we can observe supply in a low volume.
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