Recently, EUR/NZD has been moving downwards. As I had expected, the price tested the level of 1.6224 in a high volume. According to the 30M time frame, the price is testing the strong swing low at the level of 1.6224. I found bullish piercing pattern, which is a sign that we may see further upward price. Take profit level is set at the price of 1.6280 and 1.6335. Anyway, if the price breaks the level of 1.6224, we may see see the bearish continuation and a potential testing of 1.6100,
Fibonacci Pivot Points:
Resistance levels:
R1: 1.6420
R2: 1.6465
R3: 1.6550
Support levels:
S1: 1.6250
S2: 1.6200
S3: 1.6115
Trading recommendation for today: Watch for potential buying opportunities since the support level is on the test. Sell only if you see breakout of support.
The material has been provided by InstaForex Company – www.instaforex.com
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