FX.co ★ EUR/NZD analysis for July 29, 2016

Recently, EUR/NZD has been moving sideways at the price of 1.5600. According to the 1H time frame, I have found trading range between the price of 1.5700 (resistance) and the price of 1.5525 (support). My advice is to watch for breakout of support or resistance to confirm further direction. Watch for a breakout in a high volume. If the price breaks the support, the downward target is set at 1.5470. If the price breaks the resistance, the take profit level is set at the price of 1.5835.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.5695

R2: 1.5735

R3: 1.5790

Support levels:

S1: 1.5575

S2: 1.5540

S3: 1.5480

Trading recommendations for today: Watch for breakout of trading range to confirm further direction.