Recently, EUR/NZD has been moving sideways at the price of 1.6226. The pivotal point at 1.6270 held successfully and I would like to see a valid breakout of 1.6270 to confirm further upward continuation. If the price breaks the level of 1.6270 in a high volume, we may see potential testing of 1.6470. According to the 5M time frame, I found successful testing of supply, which is a sign that selling looks risky. Watch for buying opportunities on the dips.
Fibonacci Pivot Points:
Resistance levels:
R1: 1.6250
R2: 1.6285
R3: 1.6350
Support levels:
S1: 1.6120
S2: 1.6080
S3: 1.6020
Trading recommendation for today: Watch for a potential breakout of a pivotal point at the price of 1.6270. The valid breakout will confirm further upward continuation.