Overview:
Recently, EUR/NZD has been moving upwards. The price tested the level of 1.6339 in a high volume. I am waiting for larger activity and stronger price actions. The short-term trend is still neutral. The major 20-day support at the level of 1.6150 held successfully. 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 demand bar in a high volume. I had 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. In the M30, I found rising support (diagonal), which is a sign that we may expect a further upward movement. First strong resistance is seen at the level of 1.6570.
Fibonacci Pivot Points :
Resistance levels:
R1: 1.6322
R2: 1.6365
R3: 1.6430
Support levels:
S1: 1.6190
S2: 1.6150
S3: 1.6080
Trading recommendations : Intraday buying opportunities are preferable. Selling opportunities are preferable only if the price breaks major support at the level of 1.6150.
