Overview:
Recently, EUR/NZD is moving sideways around the level of of 1.6380. In the daily time frame, we can observe a bullish bar in a volume just above the average. I found new trading range between the levels of 1.6470 and 1.6350 (support). I had placed Fibonacci retracement to find potential support levels. I got Fibonacci retracement 50% at 1.6340 and Fibonacci retracement 61.8% at 1.6300. The short-term trend is neutral. I am waiting for a clear price action and strong volume to confirm further direction.
Fibonacci Pivot Points :
Resistance levels:
R1: 1.6490
R2: 1.6560
R3: 1.6670
Support levels:
S1: 1.6265
S2: 1.6195
S3: 1.6080
Trading recommendations: We can observe sideways market around the level of 1.6380. Wait fora clear breakout of a trading range in a high volume to confirm further direction.
