Recently, EUR/NZD has been moving upwards. The price tested the level of 1.6238 in a high volume. According to the daily time frame, I found that strong demand in a high volume entered the market. The pivotal point at 1.6135 held very successfully and we may see further upward movement. Watch for buying opportunities on the dips. First upward take profit level is set at the price of 1.6270. If the price breaks the level of 1.6270 in a high volume, we may even see testing of 1.6470 (pivotal point). According to the 4H time frame, I found sign of strength in a high volume at the pivotla point, which is sign that selling looks risky.
Fibonacci Pivot Points:
Resistance levels:
R1: 1.6230
R2: 1.6270
R3: 1.6340
Support levels:
S1: 1.6097
S2: 1.6050
S3: 1.5990
Trading recommendation for today: Watch for buying opportunities on the dips. I found successfull rejection from pivotal point at 1.6135. Next upward target is set at the price of 1.6270 (pivotal point).
The material has been provided by InstaForex Company - www.instaforex.com