Overview:
In our last analysis, EUR/NZD has been trading downwards. The price tested the level of 1.5786 in an average volume. According to the 4H time frame, we can oberve weak supply, which is a sign that selling EUR/NZD at this stage looks risky. I have placed Fibonacci retracement to find potential support and I got Fibonacci retracement 61.8% at the price of 1.5780 (currently on the test). Be careful when selling and watch for potential buying opportunities after retracement (buy on the lows).
Daily Fibonacci pivot levels:
Resistance levels:
R1: 1.5951
R2: 1.5981
R3: 1.6029
Support levels:
S1: 1.5854
S2: 1.5824
S3: 1.5775
Trading recommendations: Be careful when selling EUR/NZD since we got a strong absorption volume in the background.
The material has been provided by InstaForex Company - www.instaforex.com
