Overview:
Recently, EUR/NZD has been moving sideways around the price of 1.7745. In the daily time frame, we can observe a supply bar in an average volume. The intraday trend is neutral. Anyway, I am more bearish on EUR/NZD because the strong resistance at the price of 1.8000 held several times. According to the M5 time frame, I found a potential distribution phase so my advice is to watch for selling opportuniites around the price of 1.7750. Strong support is seen near the price of 1.7630.
Fibonacci Pivot Points :
Resistance levels:
R1: 1.7740
R2: 1.7770
R3: 1.7820
Support levels:
S1: 1.7640
S2: 1.7605
S3: 1.7555
Trading recommendations: The market is neutral. We can observe a very weak price action and neutral market around the price of 1.7740. Anyway, in the background we have potential distribution so my advice is to watch for selling opportunities around the price of 1.7750.
The material has been provided by InstaForex Company - www.instaforex.com