Overview:
Recently, EUR/NZD is moving downwards. As we expected, the price tested the level of 1.5644. In the daily time frame, we can observe a neutral bar around the price of 1.5930 in a high volume. I found strong trading range between 1.5925 (resistance) and 1.5675 (support). We can observe a fake breakout of our support cluster, which is a sign that selling looks risky at this stage.
Fibonacci Pivot Points :
Resistance levels:
R1: 1.5910
R2: 1.5965
R3: 1.6050
Support levels:
S1: 1.5725
S2: 1.5670
S3: 1.5580
Trading recommendations: Be careful when selling EUR/NZD at this stage as we see a fake bearish breakout.
The material has been provided by InstaForex Company - www.instaforex.com