Overview:
Recently, EUR/NZD is moving downwards. As we had expected, the price tested the level of 1.6341 in a high volume. In the daily time frame, we can observe a demand bar, which is a sign that selling looks risky. The short-term trend is bullish. The gap between the levels of 1.6300 and 1.6115 is closed. Bullish phase is in progress, so watch for potential opportunities to buy on dips. I had placed Fibonacci retracement to find potential support levels. I got Fibonacci retracement 38.2% at the level of 1.6370, Fibonacci retracement 50% at the level of 1.6310 and Fibonacci retracement 61.8% at the level of 1.6245. If it breaks the level of 1.6572 in a high volume , we may see a test at the level of 1.6700.
Fibonacci Pivot Points :
Resistance levels:
R1: 1.6550
R2: 1.6600
R3: 1.6675
Support levels:
S1: 1.6390
S2: 1.6340
S3: 1.6260
Trading recommendations: The market is bullish. Watch for potential buying opportunities above the level of 1.6572.
The material has been provided by InstaForex Company - www.instaforex.com