Recently, EUR/NZD has been moving downwards. The price tested the level of 1.5228 in a ultra high volume. According to the H1 time frame, I found a wide spread bar in an ultra high volume (selling climax) closing in the middle. If there is a strong supply, the bar shouldn't close in the middle. This is a strong sign of strength and it means that buyers entered the market. Watch for buying opportunities. The first take profit level is set at the price of 1.5485.
Fibonacci Pivot Points:
Resistance levels:
R1: 1.5520
R2: 1.5550
R3: 1.5595
Support levels:
S1: 1.5425
S2: 1.5395
S3: 1.5345
Trading recommendations for today: Watch for buying opportunities.
The material has been provided by InstaForex Company - www.instaforex.com