Overview:
Recently, EUR/NZD has been moving upwards. As we expected, the price tested the level of 1.7839. In the daily time frame, we can observe a supply bar in an average volume. The intraday trend is neutral. We need to see a change in the trend behavior to confirm any direction. In the M30 time frame, we can observe sings of weakness (no demand and upthrust) that means we may expect a downward movement. I placed Fibonacci retracement to find potential resistance level and our Fibonacci retracement 50% at the level of 1.7650.
Fibonacci Pivot Points :
Resistance levels:
R1: 1.7765
R2: 1.7855
R3: 1.8000
Support levels:
S1: 1.7475
S2: 1.7385
S3: 1.7240
Trading recommendations: Weakness is observed in the M30 time frame. Be careful when buying EUR/NZD around 1.7840.
The material has been provided by InstaForex Company - www.instaforex.com