Recently, EUR/NZD has been moving downwards. As I had expected, the price tested the level of 1.6278 in a high volume. EUR/NZD reached our third take profit level around the price of 1.6270. Anyway, after the price reached out third take profit level, I saw strong reaction from buyers. Price went to test 1.6485. According to the 15M time frame, I found volume spike (buying climax) in the background with wide spread of the bar, double up thrust bars and no demand bars later on. Since we got weakness in the background, my advice is to watch for intraday selling opportunities. Take profit level is set at the price of 1.6290.
Fibonacci Pivot Points:
Resistance levels:
R1: 1.6410
R2: 1.6450
R3: 1.6520
Support levels:
S1: 1.6275
S2: 1.6235
S3: 1.6165
Trading recommendation for today: Watch for selling opportunities on rallies.
The material has been provided by InstaForex Company - www.instaforex.com