Overview:
Recently, EUR/NZD is moving upwards. As we had expected, the price tested the level of 1.6581 in a high volume. In the daily time frame, we can observe a bearish bar in a volume below previous two bars (no supply bar). The short-term trend has changed from bearish to bullish. The price got back into our trading range between the level of 1.6430 and the level of 1.6615. I am waiting for a clear breakout of our trading range and strong momentum. Bullish phase is in progress. Be careful when selling EUR/NZD.
Fibonacci Pivot Points :
Resistance levels:
R1: 1.6480
R2: 1.6520
R3: 1.6580
Support levels:
S1: 1.6350
S2: 1.6310
S3: 1.6245
Trading recommendations: Selling EUR/NZD looks risky. We can observe a fake breakout of our support in the background.
The material has been provided by InstaForex Company - www.instaforex.com