Recently, EUR/NZD has been moving upwards. As we expected, the price re-tested and rejected from the level of 1.800 (our key resistance). In the daily time frame, we can observe a demand bar in a volume above the average. The intraday trend has changed from upward to downward. I found strong trading range between the levels of 1.8000 (resistance) and 1.7270 (support). In the H4 time frame, we can observe massive buying climax in the background. Buying looks very risky. Watch only for selling opportunities after retracement.
Fibonacci Pivot Points :
Trading recommendations: There is weakness on the market from the top. The trend is downward so watch only for selling opportunities after retracement. Strong resistance at the price of 1.8000 was held sucessfully.
The material has been provided by InstaForex Company – www.instaforex.com