Recently, EUR/NZD has been moving sideways at the price of 1.6700. According to the 30M time frame, I found a trading range between the prices of 1.6666 (support) and 1.6800 (resistance). Watch for a breakout of the trading range to confirm further direction. The upside target is set at the level of 1.6920. In case the price breaks support, the downside target is set at the mark of 1.6540. According to the daily time frame, I found a bearish bar with close in the middle (sign of strength).
Fibonacci Pivot Points:
Resistance levels:
R1: 1.6800
R2: 1.6845
R3: 1.6900
Support levels:
S1: 1.6675
S2: 1.6635
S3: 1.6570
Trading recommendation for today: watch for breakout of trading range to confirm further direction.
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