Overview:
Recently, EUR/NZD has been moving sideways around the price of 1.6470. I am waiting for larger activity and stronger price action. The short-term trend is still neutral, but the intraday trend is upward. Be careful when selling EUR/NZD before a breakout of the key support level takes place. In the the daily time frame, we can see a weak supply bar in an average volume. A high-volume breakout at the level of 1.6590 will confirm further upward movements. I found a point of control from yesterday (high volume area) around the price of 1.6460-1.6500. I placed Fibonacci retracement to find potential resistance levels and got Fibonacci retracement 38.2% at the level of 1.6860, Fibonacci retracement 50% at the level of 1.7080 and Fibonacci retracement 61.8% at the level of 1.7295. According to the M30, I found supportive nature of volume and intraday upward behavior. So, be careful when selling at this stage because we may see potential recovery in the euro. Anyway, the strong support at 1.6150 may become the strong resistance once it gets broken.
Fibonacci Pivot Points :
Resistance levels:
R1: 1.6500
R2: 1.6520
R3: 1.6550
Support levels:
S1: 1.6440
S2: 1.6420
S3: 1.6390
Trading recommendations: Selling looks risky at this stage so watch for potential buying opportunities on an intraday basis. Selling opportunities are preferable only if the price breaks the level of 1.6150.
