Overview:
In our last analysis, EUR/NZD was trading downwards. The price has tested the level of 1.4426 in a volume below average. We face very low volatility (due to bank holidays) today, so be careful when trading. Anyway, I found upward channel according to the 4H time frame, and we can observe testing of lower diagonal (support). We are awaiting for a clear direction for better possibilities. The short term trend is bullish, so buying positions are preferable. First resistance level is around 1.4475.
Daily Fibonacci pivot levels:
Resistance levels:
R1: 1.4491
R2: 1.4511
R3: 1.4544
Support levels:
S1: 1.4425
S2: 1.4406
S3: 1.4374
Trading recommendations: The short term trend is bullish, so be careful when selling EUR/NZD at this stage.
The material has been provided by InstaForex Company - www.instaforex.com
