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Recently, EUR/NZD has been moving sideways at the price of 1.5445. According to the daily time frame, the price has broken supply trendline and is trading above 21 SMA and 50 SMA, which is a sign that we may expect futher upward movement. According to the 1H time frame, a trading range lies between the price of 1.5332 (support) and 1.5503 (resistance). My advice is to placed pending buy stop at the price of 1.5505 with potential targets at 1.5635 and 1.5825. The potential boost for EUR/NZD may happen during the RBNZ Gov Wheeler speech or GDT Price Index.

Fibonacci Pivot Points:

Resistance levels

R1: 1.5485

R2: 1.5523

R3: 1.5587

Support levels:

S1: 1.5355

S2: 1.5315

S3: 1.5250

Trading recommendations for today: watch for buying opportunities above 1.5503.

The material has been provided by InstaForex Company – www.instaforex.com

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