Recently, EUR/NZD has been moving upwards. The price tested the level of 1.5637 in a high volume. According to the 4H time frame, I found strong resistance cluster and successful rejection from the price of 1.5635. There are few candle foramtions. I found double evening start and up-thrust bar, which is a sign that buying looks very risky at this stage. My advice is to watch for selling opportunities on the pullbacks. The first take profit level is set at the price of 1.5490. Only if the price breaks the level of 1.5640, we may see upward continuation.
Fibonacci Pivot Points:
Resistance levels:
R1: 1.5620
R2: 1.5645
R3: 1.5680
Support levels:
S1: 1.5545
S2: 1.5552
S3: 1.5485
Trading recommendations for today: Watch for selling opportunities.
The material has been provided by InstaForex Company - www.instaforex.comfrom www.instaforex.com http://ift.tt/2bbLhvm
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