Overview:
Recently, EUR/NZD has been moving upwards. The price tested the 1.6719 level in a high volume. In the daily time frame, we can observe neutral bar (Friday bar) and rejection from Fibonacci retracement 50% (1.6550). In the H4 time frame, we found bullish engulfing candle formation, which is a sign that we may expect potential upward movement. Resistance levels are set at the 1.7130 and 1.7260 levels.
Fibonacci Pivot Points:
Resistance levels:
R1: 1.6715
R2: 1.6770
R3: 1.6850
Support levels:
S1: 1.6550
S2: 1.6500
S3: 1.6415
Trading recommendations: Intraday trend is upwards. Watch for potential buying opportunities on the dips.
The material has been provided by InstaForex Company - www.instaforex.com