Recently, EUR/NZD has been moving upwards. As I expected, the price tested the level of 1.6791 in a high volume. EUR/NZD is trading in a clearly defined upward trend channel. Watch for buying opportunities on dips inside the channel. I found successful rejection from the medium lane in upward channel, which is a good sign for futher upward movement. First take profit level at the price of 1.6645 has been reached. I found absorption of selling climax in the background, which is a sign that selling EUR/NZD looks very risky. Second take profit level is set at the price of 1.6850.
Fibonacci Pivot Points:
Resistance levels:
R1: 1.6885
R2: 1.6725
R3: 1.6790
Support levels:
S1: 1.6550
S2: 1.6510
S3: 1.6445
Trading recommendation for today: Watch for buying opportunities on the dips.
