FX.co ★ EUR/NZD analysis for March 23, 2016

Overview:

Recently, EUR/NZD has been moving upwards.The price tested the level of 1.6704. At the H4 time frame, the price is still trading in a defined trading range between the price of 1.6475 (support) and the price of 1.6865 (resistance). Since the current strength on the market, I expect testing of resistance level at the price of 1.6865. Anyway, wait for a successful breakout of the trading range to confirm further direction. According to the daily time frame, we can observe sideways market.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.6660

R2: 1.6690

R3: 1.6725

Support levels:

S1: 1.6585

S2: 1.6560

S3: 1.6525

Trading recommendation for today: There is bullish pressure according to intraday time frames. But still the market is sideways in the short-term prospective. Watch for a breakout of trading range to confirm further direction.