Overview:
Recently, EUR/NZD has been moving sideways around the price of 1.6310. The trend is downward, the price is below the Ichimoku cloud on the H1 and daily charts. We can observe major support-cluster around the prices of 1.6150-1.6210. So, be careful when selling EUR/NZD before the breakout of our key support level. The price is also in a strong downward channel. A breakout in a high volume of the level of 1.6150 will confirm further downward continuation. Resistance is at the price of 1.6500.
Fibonacci Pivot Points :
Resistance levels:
R1: 1.6365
R2: 1.6415
R3: 1.6490
Support levels:
S1: 1.6215
S2: 1.6165
S3: 1.6090
Trading recommendations: Be careful when selling EUR/NZD at this stage since the price is at the 1.6150 critical support. Watch for a potential breakout of the level of 1.6150 to confirm downward continuation.
The material has been provided by InstaForex Company - www.instaforex.com