Overview:
Recently, EUR/NZD has been moving upwards. As I had expected, the price tested the level of 1.6571 in a high volume. According to the H1 time frame, we can observe strong resistance cluster at the level of 1.6570 (currently on the test). I placed Fibonacci expansion to find potential profit targets. First profit target has been reached at 1.6480 (Fibonacci expansion 61.8%) and second is at 1.6745 (Fibonacci expansion 100%.) is still in the play. Watch for RBNZ decision today and then act according to price action. Watch for potential buying opportunities on dips.The short-term trend has changed from downward to upward.
Fibonacci Pivot Points :
Resistance levels:
R1: 1.6445
R2: 1.6490
R3: 1.6550
Support levels:
S1: 1.6315
S2: 1.6275
S3: 1.6210
Trading recommendations : Buying EUR/NZD at this stage looks very risky since the price testing major resistance cluster. Watch for potential buying opportunities after potential breakout of our resistance.
The material has been provided by InstaForex Company - www.instaforex.com