Overview:
Recently, EUR/NZD is moving upwards. The price tested the level of 1.6386 in a volume above the average. In the daily time frame, we can observe a demand 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, the price has broken our upward trendline. 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: 1.6625
R2: 1.6660
R3: 1.6715
Support levels:
S1: 1.6513
S2: 1.6480
S3: 1.6425
Trading recommendations: Buying EUR/NZD at this stage looks risky since we have the fake breakout in the background.
The material has been provided by InstaForex Company - www.instaforex.com