Recently, EUR/NZD has been moving sideways at the price of 1.5470. According to the 1H time frame, I found strong support cluster at the price of 1.5445. I also found selling climax at the support (wide spread bar with ultra high volume), which is a sign that selling looks very risky at this stage. My advice is to watch for potential buying opportunities. Only if the price breaks the level of 1.5445, we may see downward continuation.
Fibonacci Pivot Points:
Resistance levels:
R1: 1.5575
R2: 1.5610
R3: 1.5655
Support levels:
S1: 1.5480
S2: 1.5450
S3: 1.5400
Trading recommendations for today: Watch for buying opportunities due to a strong support cluster and selling climax.
The material has been provided by InstaForex Company - www.instaforex.com