Overview:
Recently, EUR/NZD has been moving downwards. The price tested the level of 1.6785 in a high volume. In the daily time frame, the price is above all the key MAs: 50SMA,100SMA,150SMA, and 200SMA. Also, the price rejected 10SMA in the daily time frame, which is a sign of strength and lack of professional selling. In the H1 time frame, I found a strong upward trend and successful rejection from 200SMA. The resistance level is seen at 1.7260. Today, the data on the Interest Rate Decision and ECB's meeting is due to be released. So, trading ahead of these events may be risky. Watch post reaction and establish your positions. Watch for potential buying opportunities on dips.
Fibonacci Pivot Points:
Resistance levels:
R1: 1.7180
R2: 1.7265
R3: 1.7405
Support levels:
S1: 1.6900
S2: 1.6810
S3: 1.6670
Trading recommendations:Trading recommendations: the short-term trend is still upward. So, watch for potential buying opportunities on dips.
The material has been provided by InstaForex Company - www.instaforex.com