Overview:
Recently, EUR/NZD is moving upwards. As we expected, the price tested the level of 1.6572 in a high volume. In the daily time frame, we can observe a demand bar, which is a sign that selling looks risky. The short-term trend is bullish. The closed the gap between the levels of 1.6300 and 1.6115. Bullish phase is in progress, so watch for a potential opportunities to buy on dips. Anyway, the price is testing the resistance level at 1.6572. If it breaks the level of 1.6572 in a high volume , we may see a test at the level of 1.6700.
Fibonacci Pivot Points :
Resistance levels:
R1: 1.6430
R2: 1.6520
R3: 1.6660
Support levels:
S1: 1.6140
S2: 1.6050
S3: 1.5910
Trading recommendations: The market is bullish. Watch for potential buying opportunities above the level of 1.6572.
The material has been provided by InstaForex Company - www.instaforex.com