Recently, EUR/NZD has been moving sideways around the level of 1.6650. In the daily time frame, I found a weak demand bar, which is a sign of weakness. In the 4-hour time frame, I found evening star candle formation (bearish formation). So, be careful when buying EUR/NZD at this stage and watch for potential selling opportunities. If the price breaks the level of 1.6515, we may expect potential testing of 1.6260 (Fibonacci expansion 100%) and 1.5830 (Fibonacci expansion 161.8%). Intraday resistance level seen is at 1.6740 (volume balance zone).
Fibonacci Pivot Points:
Trading recommendations: Watch for a potential breakout of 1.6515 to confirm further downward continuation.