Overview:
Since our last analysis, EUR/NZD has been trading sideways, around the price of 1.5570. We can observe sideways movement (consolidation), which is normal reaction after a strong selling climax in the background. It is still unsafe to buy anything, so watch for potential selling opportunities after retracement. According to the 4H time frame, we can observe weak reaction from buyers, so buying looks very risky. Anyway, if the price breaks the level of 1.5550, we may see potential testing the level of 1.5455 (swing low like support). According to previous price action, I found resistance level at the price of 1.5640.
Daily Fibonacci pivot levels :
Resistance levels:
R1: 1.5629
R2: 1.5653
R3: 1.5692
Support levels:
S1: 1.5551
S2: 1.5527
S3: 1.5488
Trading recommendations: Be careful when buying the EUR/NZD pair and watch for selling opportunities after retracement.
The material has been provided by InstaForex Company - www.instaforex.com
