Overview:
Recently, EUR/NZD is moving downwards. As we expected, the price tested the level of 1.6241 in a high volume but with weak price action. In the daily time frame, we can observe a neutral bar (doji), which is a sign of the sideways market. Our strong trading range between the levels of 1.6515 and 1.6350 (support) was broken but with a very weak price action. The short-term trend is neutral, but the mid-term trend is bullish. According to the H1 time frame, we can observe a bearish bar in an ultra-high volume (selling climax) but with very weak price action, which is a sign that we may expect bullish direction. Anyway, I am waiting for larger activity on the market and stronger price actions to confirm the further direction.
Fibonacci Pivot Points :
Resistance levels:
R1: 1.6460
R2: 1.6520
R3: 1.6610
Support levels:
S1: 1.6275
S2: 1.6215
S3: 1.6123
Trading recommendations: Selling climax according to the H1 time frame. Selling looks risky because of weak supply around the level of 1.6255.
The material has been provided by InstaForex Company - www.instaforex.com