FX.co ★ Analysis of EUR/NZD for March 25, 2016

Overview:

Recently, EUR/NZD has been moving sideways around the 1.6660 mark. On the H4 time frame chart, the price is still trading in a defined trading range between the 1.6475 level (support) and the 1.6865 level (resistance). As the market is currently strong, I expect testing of the resistance level at 1.6865. Anyway, wait for a successful breakout of the trading range to confirm further direction. On the daily time frame chart, we can observe the sideways market and very low volatility for this currency pair. According to 30M time frame, intraday selling climax and demand have appeared, which is a sign of intraday bullish behavior.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.6715

R2: 1.6740

R3: 1.6775

Support levels:

S1: 1.6640

S2: 1.6615

S3: 1.6575

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