Overview:
Recently, EUR/NZD is moving upwards. As we expected, the price tested the level of 1.6124 in a high volume. In the daily time frame, we can observe a strong bullish bar in an ultra high volume. Our strong trading range between 1.5925 (resistance) and 1.5675 (support) was finally broken (re-accumulation). Anyway, we have created another smaller trading range with resistance at the price of 1.6140 and support at the price of 1.5990. It looks like that this is more consolidation trading range after strong climatic action. Be careful when selling EUR/NZD and watch for buying opportunities on dips. I had placed Fibonacci retracement to find potential support levels. Next bullish objective points are at 1.6250 and 1.6400.
Fibonacci Pivot Points :
Resistance levels:
R1: 1.6120
R2: 1.6160
R3: 1.6220
Support levels:
S1: 1.6000
S2: 1.5960
S3: 1.5900
Trading recommendations: Be careful when selling EUR/NZD since we saw strong bullish momentum and broken trading range in the background. Watch for potential buying opportunities on the dips.
