InstaForex - Analytics


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    Analysis of EUR/NZD for March 28, 2016 2016-03-28


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    Recently, EUR/NZD has been moving sideways around the 1.6660 mark. On the daily chart, the price is still trading in the defined trading range between the 1.6475 level (support) and the 1.6865 level (resistance). Also, there is no demand bar from Friday, which is a sign that buyers don't have power at this stage for further bullish momentum. According to the 1H time frame,I found signs of weakness around the price of 1.6720, which is a sign that we may see further downward movement on intraday bias. The first intraday downward target is set at at the price of 1.6620. Anyway, according to short-term prospective, wait for a successful breakout of the trading range to confirm further direction.

    Fibonacci Pivot Points:

    Resistance levels:

    R1: 1.6710

    R2: 1.6735

    R3: 1.6770

    Support levels:

    S1: 1.6635

    S2: 1.6610

    S3: 1.6570

    Trading recommendation for today: There is downward 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.

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