Overview:
In our last analysis, EUR/NZD has been trading downwards. As we expected, the price was tested from the level of 1.5720. According to the daily time frame, we can observe strong supply on the market in a volume above average, which is a sign that buying EUR/NZD looks risky. Our Fibonacci expansion 100% at the price of 1.5800 is broken, so we may see possible testing the level of 1.5520 (Fibonacci expansion 161.8%). If the price breaks the level of 1.5800 in a high volume, we may see possible testing the level of 1.5520 (Fibonacci expansion 161.8%), Anyway, if we see larger reaction from buyers around the level of 1.5800, a bullish corrective phase will be possible.
Daily Fibonacci pivot levels:
Resistance levels:
R1: 1.5930
R2: 1.5982
R3: 1.6068
Support levels:
S1: 1.5759
S2: 1.5707
S3: 1.5622
Trading recommendations: Be careful when buying EUR/NZD since our Fibonacci expansion 100% got broken
The material has been provided by InstaForex Company - www.instaforex.com
