Overview:
Recently, EUR/NZD is moving upwards. The price tested the level of 1.6517 in an average volume. In the daily time frame, we can observe a bullish bar in a volume below the average. I found a trading range between the levels of 1.6515 and 1.6350 (support). I had placed Fibonacci retracement to find potential support levels. I got Fibonacci retracement 38.2% at the level of 1.6380, Fibonacci retracement 50% at 1.6340 and Fibonacci retracement 61.8% at 1.6300. The short-term trend is bullish. I am waiting for a clear price action and strong breakout of the trading range to confirm its further direction.
Fibonacci Pivot Points :
Resistance levels:
R1: 1.6460
R2: 1.6490
R3: 1.6535
Support levels:
S1: 1.6375
S2: 1.6345
S3: 1.6300
Trading recommendations: We can observe sideways market around the level of 1.6480. Wait for a clear breakout of the trading range in a high volume to confirm further direction. The short-term trend is bullish.
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