Overview:
Recently, EUR/NZD has been moving upwards. The price tested the level of 1.7869. In the daily time frame, we can observe a demand bar in an average volume (looks like successful test of a supply bar). The intraday trend is bullish so watch only for potential buying opportunities on the dips. I found strong trading range between the levels of 1.8000 (resistance) and 1.7270 (support). In the H1 time frame, we can observe strength and no big weakness. Buying looks very risky. We may see potential re-testing of our resistance at the level of 1.8000.
Fibonacci Pivot Points :
Resistance levels:
R1: 1.7810
R2: 1.7850
R3: 1.7920
Support levels:
S1: 1.7670
S2: 1.7630
S3: 1.7555
Trading recommendations: Strength is on the market. The trend is upward so watch only for potential buying opportunities on the dips. Strong resistance is at the price of 1.8000.
The material has been provided by InstaForex Company - www.instaforex.com