Overview:
Recently, EUR/NZD has been moving sideways around the price of 1.6600. At the H4 time frame, I found a defined trading range between the price of 1.6475 (support) and the price of 1.6865 (resistance). Support level at the price of 1.6475 is successfully held. According to the daily time frame, I found weak demand, which is a sign of a potential downward movement. Anyway, wait for a successful breakout of trading range to confirm further direction.
Fibonacci Pivot Points:
Resistance levels:
R1: 1.6680
R2: 1.6715
R3: 1.6765
Support levels:
S1: 1.6575
S2: 1.6545
S3: 1.6495
Trading recommendation for today: Sideways market, watch for a potential breakout of trading to confirm further direction.
The material has been provided by InstaForex Company - www.instaforex.com