Recently, EUR/NZD has been moving sideways at the price of 1.5600. Analysis from yesterday is still in play. On the 30M time frame, I found that the price went back into a trading range and broke the recent swing highs (support levels), which is a sign that EUR/NZD may go lower. According to 30M time frame, the price is below 50SMA, which is a sign that sellers are in control of the market. My advice is to watch for selling opportunties. Take profit level is set at the price of 1.5520. If the price breaks the level of 1.5520 in a high volume, EUR/NZD may visit the level of 1.5350. Anyway, if the price breaks the level of 1.5680, EUR/NZD may go higher.
Fibonacci Pivot Points:
Resistance levels
R1: 1.5645
R2: 1.5670
R3: 1.5710
Support levels:
S1: 1.5565
S2: 1.5540
S3: 1.5500
Trading recommendations for today: Watch for selling opportunities on the pullbacks.
The material has been provided by InstaForex Company – www.instaforex.com
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