Recently, EUR/NZD has been moving sideways at the price of 1.5420. According to the 4H time frame, I found bullish outside bar formation in a high volume in the background, which is a clear sign of strength. Besides, I found mini support cluster at the price of 1.5395 and on the same price I have found Fibonacci retracement 61.8% from the most recent upward leg. Watch for buying opportunities. Key resistance and my take profit level is set at the price of 1.5620.
Fibonacci Pivot Points:
Resistance levels
R1: 1.5495
R2: 1.5520
R3: 1.5568
Support levels:
S1: 1.5400
S2: 1.5375
S3: 1.5330
Trading recommendations for today: Watch for buying opportunities.
The material has been provided by InstaForex Company - www.instaforex.com