Recently, EUR/NZD has been moving sideways at the price of 1.5700. According to the 30M time frame, I found trading range between the price of 1.5860 and 1.5575. The trend is downward and my advice to look only for selling opportunities. I found rejection from SMA100 (1h) and SMA 200 (30M). If the price breaks the level of 1.5575 in a high volume, we may see downward continuation and potential testing of 1.5500.
Fibonacci Pivot Points:
Resistance levels:
R1: 1.5780
R2: 1.5820
R3: 1.5880
Support levels:
S1: 1.5660
S2: 1.5620
S3: 1.5560
Trading recommendations for today: Watch for selling opportunities on the pullbacks.
The material has been provided by InstaForex Company - www.instaforex.com