Overview:
Recently, EUR/NZD is moving upwards. As we expected, the price tested the level of 1.6807 in a volume above the average. In the daily time frame, we can observe an upward bar in a volume below the average and there is also an inside-bar formation with a high at the price of 16677 (currently on the test) and a low (support) at the price of 1.6340. Watch for a potential breakout of inside-bar support or resistance. Also, we got strong rejection from our demand trendline (support) around the price of 1.6390. The short-term trend is neutral, but the mid-term trend is still bullish. I am still waiting for larger liquidity and stronger price action to confirm further direction.
Fibonacci Pivot Points :
Resistance levels:
R1: 1.6650
R2: 1.6725
R3: 1.6840
Support levels:
S1: 1.6425
S2: 1.6355
S3: 1.6240
Trading recommendations: Buying EUR/NZD at this stage looks risky, since we have a fake breakout in the background.
