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    EUR/NZD analysis for March 24, 2015 2016-03-24

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    Overview:

    Recently, EUR/NZD has been moving sideways around the price of 1.6700. 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 the 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 the sideways market and low volatility.

    Fibonacci Pivot Points:

    Resistance levels:

    R1: 1.6710

    R2: 1.6745

    R3: 1.6800

    Support levels:

    S1: 1.6590

    S2: 1.6555

    S3: 1.6500

    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.


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