Overview:
Since our last analysis, EUR/NZD has been trading sideways around the price of 1.5780. We can observe that our Fibonacci retracement 61.8% at the price of 1.5800 was held successfully. It is still unsafe to buy anything, so watch for potential selling opportunities after retracement. According to the 4H time frame, we got supply in a volume above the average, so buying looks very risky at this stage. Any larger supply in a high volume may confirm further bearish movement.
Daily Fibonacci pivot levels :
Resistance levels:
R1: 1.5821
R2: 1.5835
R3: 1.5858
Support levels:
S1: 1.5776
S2: 1.5762
S3: 1.5740
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
