Overview:
Recently, EUR/NZD has been moving upwards. As I expected, EUR/NZD finished its bearish corrective phase and tested the level of 1.7268 in a high volume. In the daily time frame, the price is above all the key MAs: 50SMA,100SMA,150SMA, and 200SMA. In the H1 time frame, I found a strong upward trend and a test of the key resistance area around the level of 1.7270-1.7340. If the price breaks the level of 1.7340 in a high volume, we may see the potential test of 1.7580 (Fibonacci retracement 61.8%). Watch for potential buying opportunities on dips.
Fibonacci Pivot Points:
Resistance levels:
R1: 1.7040
R2: 1.7130
R3: 1.7265
Support levels:
S1: 1.6765
S2: 1.6680
S3: 1.6540
Trading recommendations: The short-term trend is still upward. So, watch for potential buying opportunities on dips.
