Overview:
Recently, EUR/NZD is moving upwards. As we expected, the price tested the level of 1.6344 in a high volume. In the daily time frame, we can observe a weak demand bar, which is a sign that selling looks risky. The short-term trend is neutral, but the mid-term trend is bullish. According to the H1 time frame, the price confirmed support at the level of 1.6190. The price rejected from that level in a hig hvolume. Bullish phase is in progress, so watch for potential buying opportunities on dips. Anyway, I had placed Fibonacci retracement to find potential resistance levels and I got Fibonacci retracement 50% at the price of 1.6360 and Fibonacci retracement 61.8% at the price of 1.6410.
Fibonacci Pivot Points :
Resistance levels:
R1: 1.6265
R2: 1.6300
R3: 1.6350
Support levels:
S1: 1.6165
S2: 1.6135
S3: 1.6085
Trading recommendations: Strong reaction from our support level at the price of 1.6190. Selling looks risky, since we can obserbe bullish momentum.
