FX.co ★ EUR/NZD analysis for May 10, 2016

Recently, EUR/NZD has been moving upwards. As I expected, the price tested the level of 1.6900. According to the 30M time frame, I found a trading range between the price of 1.6835 (support) and the price of 1.6900 (resistance). Watch for a successful breakout of the trading range to confirm further direction. The trend is upward, but if the price cannot break the level of 1.6900, we may see a downward movement. An upward target is set at the price of 1.7050 and a downward target is set at the price of 1.6650. According to the 1M time frame, I found that strength came in and later on I found successful testing of supply in a low volume. I would like to see a breakout of 1.6900 to confirm further upward side.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.6845

R2: 1.6900

R3: 1.6975

Support levels:

S1: 1.6685

S2: 1.6635

S3: 1.6555

Trading recommendation for today: Watch for a breakout of the trading range to confirm further direction.