Overview:
In our last analysis, EUR/NZD was trading downwards. The price has tested the level of 1.4469 in a volume below average. We have faced very low volatility (due to bank holidays) today, so be careful when trading. The price has broken our resistance level at 1.4500. According to the price action on the H4 time frame, we can observe supply in an volume below average. The short-term trend turned from bullish to neutral. We are awaiting for a clear direction for better possibilities.
Daily Fibonacci pivot levels:
Resistance levels:
R1: 1.4529
R2: 1.4561
R3: 1.4613
Support levels:
S1: 1.4425
S2: 1.4393
S3: 1.4341
Trading recommendations: The trend is neutral so be careful when trading EUR/NZD at this stage. Anyway, buying opportunities are preferable because the price has broke our downward channel (35 days).
The material has been provided by InstaForex Company - www.instaforex.com
