Recently, EUR/NZD has been moving downwards. As I had expected, the price tested the level of 1.5838 in a high volume. The short-term trend is still downward. The major 22-day trading range (redistribution) support at the level of 1.6150 was broken last week. Our strong trading range between the prices of 1.5875 and 1.5970 was finally broken. Resistance (changing in polarity) at the level of 1.5880 is on the test. The major profit target level is seen at 1.5740 (Major Fibonacci retracement 61.8%.).
According to the Wyckoff research I wrote major points:
SC - Selling climax
AR - Automatic rally
ST - Secondary test
UT - Up thrust
UTAD - Up thrust after distribution
LPSY - Last point of supply
SOW - Sign of weakness
Fibonacci Pivot Points :
Trading recommendations : Intraday selling opportunities are preferable. Try to sell on rallies. According to the daily time frame, the profit level is seen at 1.5740.