Recently, EUR/NZD has been moving sideways at the price of 1.5510. According to the 4H time frame, I found trading range between the price of 1.5640 (resistance) and 1.5440 (support). Anyway, due to the breakout of the downward channel and successful re-test, I am expecting higher price on EUR/NZD. The breakout of 1.5640 will confirm upward price. Watch for the breakout of resistance.
Fibonacci Pivot Points:
Resistance levels:
R1: 1.5610
R2: 1.5645
R3: 1.5700
Support levels:
S1: 1.5505
S2: 1.5475
S3: 1.5420
Trading recommendations for today: Watch for buying opportunities.
The material has been provided by InstaForex Company - www.instaforex.com