Overview:
Recently, EUR/NZD is moving upwards. As we expected, the price tested the level of 1.6508 in an volume above the average. In the daily time frame, we can observe a bullish bar in a volume just above the average. Our trading range between the levels of 1.6150 and 1.5590 was broken and we may expect the price to move higher. We can observe successful re-accumulation in the background, so watch for potential buying opportunities on dips. I had placed Fibonacci retracement to find potential support levels. I got Fibonacci retracement 38.2% at the level of 1.6320, Fibonacci retracement 50% at the level of 1.6340, and Fibonacci retracement 61.8% at the level of 1.6300. The short-term trend is bullish. Since our objective point at the level of 1.6450 has been met, next objective point is around 1.7000.
Fibonacci Pivot Points :
Resistance levels:
R1: 1.6300
R2: 1.6350
R3: 1.6445
Support levels:
S1: 1.6100
S2: 1.6055
S3: 1.5960
Trading recommendations: We can observe the bullish market. Selling looks risky. Re-accumulation is in the background, so watch for buying opportunities on dips.
The material has been provided by InstaForex Company - www.instaforex.com