Recently, EUR/NZD has been moving downwards. The price tested the level of 1.6656 in a high volume. According to the 1H time frame, I found a volume spike (selling climax in the background). I was a bearish bar in an ultra high volume but it closed well of the low, which indicates strength. I also found few signs of strength later on, which is a sign that selling looks risky. Watch for buying opportunities on the dips. Take profit level is set at the price of 1.6920.
Fibonacci Pivot Points:
Resistance levels:
R1: 1.6900
R2: 1.6930
R3: 1.6990
Support levels:
S1: 1.6785
S2: 1.6750
S3: 1.6690
Trading recommendation for today: Watch for buying opportunities on the dips.
The material has been provided by InstaForex Company - www.instaforex.com