Overview:
Recently, EUR/NZD has been moving upwards. As I expected, the price tested the level of 1.7020 in an volume above the average. In the daily time frame, the price has broken 100 SMA and resistance at the level of 1.6760. In the H1 time frame, I found that the price has broken the bullish flag pattern. Selling EUR/NZD at this stage looks risky. Watch for potential buying opportunities on dips. The next upward station is seen around the level of 1.7330 (Fibonacci expansion 161.8%),
Fibonacci Pivot Points:
Resistance levels:
R1: 1.6720
R2: 1.6790
R3: 1.6905
Support levels:
S1: 1.6485
S2: 1.6415
S3: 1.6295
Trading recommendations: The short-term trend is still upward. So, watch for potential buying opportunities on dips.
The material has been provided by InstaForex Company - www.instaforex.com