Overview:
Recently, EUR/NZD has been moving downwards. The price tested the level of 1.6590. In the H4 time frame, I found support level at the price of 1.6500, which is successfully held . According to the 30M time frame, I found that the head and shoulders formation is confirmed. Besides, I noticed a successful breakout of the neckline in a high volume. Watch for buying opportunities on the dips. The key take resistance level (take profit level) is set at the price of 1.6850.
Fibonacci Pivot Points:
Resistance levels:
R1: 1.6640
R2: 1.6690
R3: 1.6765
Support levels:
S1: 1.6840
S2: 1.6435
S3: 1.6355
Trading recommendation for today: Watch for potential buying opportunities on the dips.
The material has been provided by InstaForex Company - www.instaforex.com