Recently, EUR/NZD has been moving downwards. As I had expected, the price tested the level of 1.6659in . 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 lower diagonal inside an upward channel. It is a good sign for further upward movement. The first take profit level is set at the price of 1.6795. I found absorption of selling climax in the background, which is a sign that selling EUR/NZD looks very risky. The second take profit level is set at the price of 1.6850.
Fibonacci Pivot Points:
Resistance levels:
R1: 1.6780
R2: 1.6820
R3: 1.6875
Support levels:
S1: 1.6665
S2: 1.6630
S3: 1.6570
Trading recommendation for today: Watch for buying opportunities on the dips.
