Overview:
Recently, EUR/NZD is moving sideways around the price of 1.6435. In the daily time frame, we can observe a bearish bar in a volume below the average and there is also an inside-bar formation with high (resistance) at the price of 16677 and the low (support) at the price of 1.6340. Watch for potential breakout of inside-bar support or resistance. I found strong demand trendline (support) around the price of 1.6390. The short-term trend is neutral, but the mid-term trend is still bullish. We created new trading range between the level of 1.6340 and the level of 1.6675. I am still waiting for larger liquidity and stronger price action to confirm further direction.
Fibonacci Pivot Points :
Resistance levels:
R1: 1.6500
R2: 1.6530
R3: 1.6590
Support levels:
S1: 1.6390
S2: 1.6360
S3: 1.6300
Trading recommendations: Selling EUR/NZD looks risky. We can observe strong support around the level of 1.6425.
The material has been provided by InstaForex Company - www.instaforex.com