Overview:

Recently, EUR/NZD has been moving downwards. As I had expected, the price tested the level of 1.5889. The short-term trend is downward. The major 22-day trading range (redistribution) support at the level of 1.6150 was broken last week. In the H4 time frame, our strong resistance at the level of 1.6240 successfully held. Watch for selling opportunities on rallies. The major profit target level is at the price of 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 :

Resistance levels:

R1: 1.6186

R2: 1.6240

R3: 1.6320

Support levels:

S1: 1.6020

S2: 1.5965

S3: 1.5880

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.