Recently, EUR/NZD has been moving upwards. The price tested the level of 1.6706 in a volume above the average. In the daily time frame, we can observe a neutral bar (indecision). There is also an inside-bar formation at the level of 16677 (held successful) and a low (support) at 1.6340. Also, we can observe absorption volume of the strong selling clima in the background (sign of strenght). Watch for a potential breakout of inside-bar support or resistance. Resistance is seen at the level of 1.6680. The short-term trend is neutral, but the mid-term trend is still bullish. I am still waiting for larger liquidity and stronger price actions to confirm the further direction.
Fibonacci Pivot Points :
Resistance levels:
R1: 1.6645
R2: 1.6703
R3: 1.6800
Support levels:
S1: 1.6455
S2: 1.6400
S3: 1.6300
Trading recommendations: Watch for a potential breakout of our trading range. I am waiting for larger liquidity and stroner price action to confirm further direction.
The material has been provided by InstaForex Company – www.instaforex.com
Overview:
Recently, EUR/NZD has been moving upwards. The price tested the level of 1.6706 in a volume above the average. In the daily time frame, we can observe a neutral bar (indecision). There is also an inside-bar formation at the level of 16677 (held successful) and a low (support) at 1.6340. Also, we can observe absorption volume of the strong selling clima in the background (sign of strenght). Watch for a potential breakout of inside-bar support or resistance. Resistance is seen at the level of 1.6680. The short-term trend is neutral, but the mid-term trend is still bullish. I am still waiting for larger liquidity and stronger price actions to confirm the further direction.
Fibonacci Pivot Points :
Resistance levels:
R1: 1.6645
R2: 1.6703
R3: 1.6800
Support levels:
S1: 1.6455
S2: 1.6400
S3: 1.6300
Trading recommendations: Watch for a potential breakout of our trading range. I am waiting for larger liquidity and stroner price action to confirm further direction.
The material has been provided by InstaForex Company – www.instaforex.com
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