Overview:
Recently, EUR/NZD has been moving upwards. The price tested the level of 1.7966 in an ultra-high volume. In the daily time frame, we can observe a demand bar in an average volume. The intraday trend is neutral. I found strong trading range between the levels of 1.7965 (resistance) and 1.7270 (support). In the H1 time frame, we can observe a clesr sign weakness (supply coming in with very wide spread) that means we may expect further downward movement. Buying looks very risky. We may see potential testing of our support at the level of 1.7660.
Fibonacci Pivot Points :
Resistance levels:
R1: 1.7961
R2: 1.8035
R3: 1.8153
Support levels:
S1: 1.7725
S2: 1.7650
S3: 1.7535
Trading recommendations: Weakness is observed in the H1 time frame. Be careful when buying EUR/NZD and watch for potential selling opportunities if the trend changes its direction.
The material has been provided by InstaForex Company - www.instaforex.com