Recently, EUR/NZD has been moving downwards. As I expected, the pair tested the level of 1.6470 in a high volume. According to the 1H time frame, I found a sign of strength. A bearish bar in a high volume but closed in the middle. For me, this is a big warning for sellers. After the strength came in, I saw the reaction from buyers, which is a good sign that buyers are in control today. Watch for buying opportunities on the dips. Take profit level is set at the price of 1.6585.
Fibonacci Pivot Points:
Resistance levels:
R1: 1.6610
R2: 1.6631
R3: 1.6665
Support levels:
S1: 1.6545
S2: 1.6522
S3: 1.6490
Trading recommendation for today: Be careful when selling and watch for buying opportunities on the dips.
The material has been provided by InstaForex Company - www.instaforex.com