Recently, EUR/NZD has been moving downwards. The price tested the level of 1.6259 in a high volume. On the 15M time frame chart, I found that strength came on the market. Bearish bar is in a high volume but it is closed in the middle. If there were strong supply, the bar wouldn't close in the middle. Next bars show us that demand is still present and that selling looks risky. On the 4H time frame chart, I found a round bottoming which is another sign of strength. First upward take profit level is set at 1.6380.
Fibonacci Pivot Points:
Resistance levels:
R1: 1.6490
R2: 1.6570
R3: 1.6700
Support levels:
S1: 1.6230
S2: 1.6150
S3: 1.6020
Trading recommendation for today: the 15M time frame chart shows that EUR/NZD has strengthened; watch for buying opportunities on the dips.
