Overview:
Recently, EUR/NZD is moving downwards. As we had expected, the price tested the level of 1.6428 in a volume above the average. In the daily time frame, we can observe a weak downward bar in a volume below the average. There is also an inside-bar formation at the level of 16677 (held successful) and a low (support) at 1.6340. Watch for a potential breakout of inside-bar support or resistance. Besides, we have strong rejection from our demand trendline (support) around the level of 1.6390. Strong support is seen at the level of 1.6410. The short-term trend is neutral, but the mid-term trend is still bullish. I am still waiting for larger liquidity and stronger price actions to confirm the further direction.
Fibonacci Pivot Points :
Resistance levels:
R1: 1.6675
R2: 1.6700
R3: 1.6750
Support levels:
S1: 1.6575
S2: 1.6545
S3: 1.6495
Trading recommendations: Buying EUR/NZD at this stage looks risky since we have a fake breakout in the background.
The material has been provided by InstaForex Company - www.instaforex.com