Overview:
Recently, EUR/NZD is moving sideways around the price of 1.6050. In the daily time frame, we can observe a weak bullish bar in a volume just above the average. Our strong trading range between 1.5925 (resistance) and 1.5675 (support) was finally broken (re-accumulation). Anyway, we have created another smaller trading range with resistance at the price of 1.6150 and support at the price of 1.5990. It looks like that this is more consolidation trading range after strong climatic action. Be careful when selling EUR/NZD and watch for buying opportunities on dips. I placed Fibonacci retracement to find potential support levels. Next bullish objective points are at 1.6250 and 1.6400.
Fibonacci Pivot Points :
Resistance levels:
R1: 1.6150
R2: 1.6190
R3: 1.6250
Support levels:
S1: 1.6025
S2: 1.5985
S3: 1.5925
Trading recommendations: Be careful when selling EUR/NZD since we saw strong bullish momentum and broken trading range in the background. Watch for potential buying opportunities on the dips. Key resistance is at the price of 1.6150.
The material has been provided by InstaForex Company - www.instaforex.com