EUR/NZD Analysis for March 24, 2015
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.
The material has been provided by InstaForex Company - www.instaforex.com
