Recently, EUR/NZD has been moving sideways at the price of 1.5720. According to the 3M time frame, I found weakness in the background. Strong supply in a high volume entered the market and after that I found up-thrust bars (supply overcame demand). There is also rounded top formation. Be careful when buying and watch for selling opportunities. Downward target level is set at the price of 1.5670.
Fibonacci Pivot Points:
Resistance levels:
R1: 1.5760
R2: 1.5800
R3: 1.5860
Support levels:
S1: 1.5645
S2: 1.5610
S3: 1.5550
Trading recommendations for today: Be careful when buying and watch for selling opportunities.
The material has been provided by InstaForex Company - www.instaforex.com