Overview:
Recently, EUR/NZD is moving downwards. The price tested the level of 1.6028 in a high volume. In the daily time frame, we can observe a weak bullish bar in a volume just above the average. Our trading range between the levels of 1.6150 and 1.5590 is still in play. We can observe a fake breakout (up-thrust) and a new high at the level of 1.6204 in the background. Be careful when buying EUR/NZD. Major support is still around 1.5990. A trend is neutral.
Fibonacci Pivot Points :
Resistance levels:
R1: 1.6145
R2: 1.6175
R3: 1.6230
Support levels:
S1: 1.6040
S2: 1.6000
S3: 1.5950
Trading recommendations: We can observe the neutral market and fake bullish breakout in the background. Buying looks risky. Also, we found strong support at 1.5990. Wait for stronger activity and price action to confirm further direction.
The material has been provided by InstaForex Company - www.instaforex.com