Overview:
Recently, EUR/NZD has been moving upwards. The price tested the level of 1.6944. In the daily time frame, we can observe a weak demand bar. The price is above the 200 SMA in the daily and weekly time frames. The price is about to break our downward channel, but we still need high-volume demand to confirm it. Selling EUR/NZD at this stage looks risky. I am waiting for larger liquidity and stronger price action to confirm further direction. The first support level is seen at 1.6505. According to the H1 time frame, I found 4-day base broken and double bottom. So, watch for potential buying opportunities. Anyway, I would wait for a clear price action and larger liqudity to confirm further direction.
Fibonacci Pivot Points :
Resistance levels:
R1: 1.6835
R2: 1.6895
R3: 1.6991
Support levels:
S1: 1.6645
S2: 1.6585
S3: 1.6490
Trading recommendations: Be careful when selling at this stage. Buying positions are preferable. Resistance level is around the price of 1.7190.
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