Recently, EUR/NZD has been moving sideways at the price of 1.5635. On the 30M time frame, I found a trading range between the price of 1.5520 (support) and the price of 1.5680 (resistance). According to the daily time frame, EUR/NZD is in an upward trend. The pair is trading above the 21 SMA and 50SMA, which is a sign that buyers are in control in the short term. Watch for buying opportunities above the price of 1.5680. An upward target is set at the price of 1.5820.
Fibonacci Pivot Points: Resistance levels
R1: 1.5670
R2: 1.5705
R3: 1.5765
Support levels:
S1: 1.5550
S2: 1.5510
S3: 1.5450
Trading recommendations for today: Watch for selling opportunities if the price breaks the level fo 1.5680.
The material has been provided by InstaForex Company – www.instaforex.com
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