Recently, EUR/NZD has been moving upwards. The price tested the level of 1.6803 in a volume above the average. In the daily time frame, we can observe demand bar in a volume below the average. There is also an inside-bar formation with high at the price of 1.6805 and a low (support) at 1.6340. Watch for a potential breakout of inside-bar support or resistance. Resistance level at the price of 1.6805 is on the test. 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 further direction.
Fibonacci Pivot Points :
Resistance levels:
R1: 1.6720
R2: 1.6755
R3: 1.6810
Support levels:
S1: 1.6610
S2: 1.6580
S3: 1.6520
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 1.6803 in a volume above the average. In the daily time frame, we can observe demand bar in a volume below the average. There is also an inside-bar formation with high at the price of 1.6805 and a low (support) at 1.6340. Watch for a potential breakout of inside-bar support or resistance. Resistance level at the price of 1.6805 is on the test. 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 further direction.
Fibonacci Pivot Points :
Resistance levels:
R1: 1.6720
R2: 1.6755
R3: 1.6810
Support levels:
S1: 1.6610
S2: 1.6580
S3: 1.6520
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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