Recently, EUR/NZD has been moving downwards. As I had expected, the price tested the level of 1.6559 in a high volume. My first take profit level at the price of 1.6630 has been reached. On the daily chart, the price is still trading in the defined trading range between the 1.6475 level (support) and the 1.6865 level (resistance). According to the 30M time frame, I found the successful rejection of resistance level (1.6630) and the potential end of the bullish corrective phase (abcd). Watch for intraday selling opportunities on rallies. The intraday take profit level is set at the price of 1.6475. Anyway, according to the short-term prospective, wait for a successful breakout of the trading range to confirm further direction.
Fibonacci Pivot Points:
Resistance levels:
R1: 1.6700
R2: 1.6735
R3: 1.6780
Support levels:
S1: 1.6615
S2: 1.6585
S3: 1.6540
Trading recommendation for today: There is downward pressure according to intraday time frames. However, if you are a short-term trader watch for a breakout of a trading range to confirm further direction.
The material has been provided by InstaForex Company – www.instaforex.com
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