Overview:
Recently, EUR/NZD has been moving upwards. As I expected, the price tested the level of 1.6478 in an average volume. In the daily time frame, I found broken 200 SMA and 50 SMA (sign of strength). In the H4 time frame, I found a change in behavior from downward to upward. Selling EUR/NZD at this stage looks risky. Watch for potential buying opportunities. The resistance level is at the price of 1.6750.
Fibonacci Pivot Points:
Resistance levels:
R1: 1.6530
R2: 1.6615
R3: 1.6750
Support levels:
S1: 1.6250
S2: 1.6175
S3: 1.6040
Trading recommendations: Selling EUR/NZD looks very risky at this stage since the price has broken our daily 200 SMA in the H4 and daily time frames. Watch for potential buying opportunities on the dips.
