Recently, EUR/NZD is moving downwards. The price tested the level of 1.6412 in an ultra high volume (selling climax). In the daily time frame, we can observe an indecision bar in a volume above the average, which is a sign of sideways market. The short-term trend is neutral but the mid-term trend is still bullish. I found strong trading range between the prices of 1.6615 (resistance) and 1.6420 (support). Be careful when sellng at this stage since there is strong support around the price of 1.6420.
Fibonacci Pivot Points :
Trading recommendations: Selling EUR/NZD looks risky. We can observe sideways market so I am waiting for a clear breakout of our trading range and strong momentum.
The material has been provided by InstaForex Company – www.instaforex.com