Overview:
Recently, EUR/NZD is moving upwards. As we had expected, the price tested the level of 1.6578 in a volume above the average. In the daily time frame, we can observe a successful test of a supply bar. There is also an inside-bar formation at the level of 16677 (held successful) and a low (support) at 1.6340. Watch for a potential breakout of inside-bar support or resistance. Besides, the price has broke our upward trendline. The short-term trend is neutral, but the mid-term trend is still bullish. I am still waiting for larger liquidity and stronger price actions to confirm the further direction.
Fibonacci Pivot Points :
Resistance levels:
R1: 1.6515
R2: 1.6550
R3: 1.6605
Support levels:
S1: 1.6400
S2: 1.6365
S3: 1.6310
Trading recommendations: Buying EUR/NZD at this stage looks risky since we have the fake breakout in the background.
