Recently, the EUR/NZD pair has been trading sideways at the price of 1.4720. According to the 30M time frame, I found downward channel and potential bearish flag. My advice is to watch for potential breakout of bearish flag to confirm further downward continuation. If the price breaks the bearish flag, the target will be set at the price of 1.4660. The short-term trend is bearish.
Resistance levels:
R1: 1.4740
R2: 1.4770
R3: 1.4800
Support levels:
S1: 1.4660
S2: 1.4640
S3: 1.4600
Trading recommendations for today: watch for potential selling opportunities.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Recently, the EUR/NZD pair has been trading sideways at the price of 1.4720. According to the 30M time frame, I found downward channel and potential bearish flag. My advice is to watch for potential breakout of bearish flag to confirm further downward continuation. If the price breaks the bearish flag, the target will be set at the price of 1.4660. The short-term trend is bearish.
Resistance levels:
R1: 1.4740
R2: 1.4770
R3: 1.4800
Support levels:
S1: 1.4660
S2: 1.4640
S3: 1.4600
Trading recommendations for today: watch for potential selling opportunities.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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