Overview:
Recently, EUR/NZD has been moving upwards. As I had expected, the price tested the level of 1.6549. The short-term trend is still neutral. Be careful when selling EUR/NZD before a breakout of the key support level takes place. In the the daily time frame, we can see an upward bar in a volume above the average. A high-volume breakout at the level of 1.6150 will confirm further downward movements. The resistance is seen at the level of 1.6560. According to the M30, I found absorption of selling climax in the background and today highest volume was supportive nature, which is a sign that we may see upward movements. So, be careful when selling at this stage because we may see potential recovery of the euro. Anyway, strong support at 1.6150 may become strong resistance once it gets broken.
Fibonacci Pivot Points :
Resistance levels:
R1: 1.6560
R2: 1.6615
R3: 1.6700
Support levels:
S1: 1.6375
S2: 1.6320
S3: 1.6230
Trading recommendations: Selling looks risky at this stage so watch for potential buying opportunities on an intraday basis. Selling opportunities are preferable only if the price breaks the level of 1.6150.
The material has been provided by InstaForex Company - www.instaforex.com