Overview:
Recently, EUR/NZD has been moving upwards. The price tested the level of 1.7962 in a high volume. In the daily time frame, we can observe a demand bar in an average volume. The intraday trend is neutral. I found strong trading range between the levels of 1.7900 (resistance) and 1.7270 (support). In the H1 time frame, we can observe sings of weakness (supply coming in, uptrhust) that means we may expect further downward movement. We may see potential re-testing of our key support at the level of 1.7270.
Fibonacci Pivot Points :
Resistance levels:
R1: 1.7630
R2: 1.7710
R3: 1.7840
Support levels:
S1: 1.7370
S2: 1.7290
S3: 1.7160
Trading recommendations: Weakness is observed in the H1 time frame. Be careful when buying EUR/NZD and watch for potential selling opportunities if the trend changes its direction.
