Recently, EUR/NZD has been moving upwards. As I expected, the price tested the level of 1.6520 in a high volume. Our take profit level at the price of 1.6470 has been reached. According to the 30M time frame, I found strong upward momentum and the upward movement started because of the shakeout and successful test of shake out from yesterday. According to the 1H time frame, I found the successful rejection of support in a upward channel. My advice is to watch for buying opportunities on the dips. The first take profit level is set at the price of 1.6640 and the second take profit level is set at the price of 1.6790 (major resistance).
Fibonacci Pivot Points:
Resistance levels:
R1: 1.6420
R2: 1.6445
R3: 1.6480
Support levels:
S1: 1.6350
S2: 1.6330
S3: 1.6295
Trading recommendation for today: Watch for buying opportunities on the dips. The first take profit level is set at the price of 1.6640.
The material has been provided by InstaForex Company – www.instaforex.com
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