Overview:
Recently, EUR/NZD has been moving upwards. As I expected, the price tested the level of 1.7067 in a volume above the average. In the daily time frame, the price has broken 100 SMA and resistance at the level of 1.6760. In the H1 time frame, I found that the price has broken the bullish flag pattern. Selling EUR/NZD at this stage looks risky. Watch for potential buying opportunities on dips. The next upward station is seen around the level of 1.7330 (Fibonacci expansion 161.8%). I also found a daily swing low around the level of 1.7330, which is acting as resistance right now.
Fibonacci Pivot Points:
Resistance levels:
R1: 1.6955
R2: 1.7035
R3: 1.7165
Support levels:
S1: 1.6695
S2: 1.6615
S3: 1.6480
Trading recommendations: The short-term trend is still upward. So, watch for potential buying opportunities on dips.
The material has been provided by InstaForex Company - www.instaforex.com