Recently, EUR/NZD has been moving sideways around the price of 1.6300. According to daily time frame, I found that supply is still present in the market and buying at this stage looks risky. My advice is to watch for selling opportunities on rallies. The take profit level and strong support is set at the price of 1.6135. According to daily bar, I found some form of up-thrust (supply overcoming demand), which is a strong sign of weakness.
Fibonacci Pivot Points:
Resistance levels:
R1: 1.6410
R2: 1.6450
R3: 1.6520
Support levels:
S1: 1.6275
S2: 1.6220
S3: 1.6150
Trading recommendation for today: Watch for selling opportunities on rallies.
