Overview:
In our last analysis, EUR/NZD has been trading downwards. As we expected, the price tested the level of 1.5824 in a high volume. I have placed Fibonacci expansion to find potential support levels. I got Fibonacci expansion 100% at the price of 1.5780 and Fibonacci expansion 161.8% at the price of 1.5715. Our Fibonacci retracement 61.8% at the price of 1.5910 held successful, which enabled the price to start with downward movement. According to the daily time frame, we got up-thrust bar (supply overcoming demand). Be careful when buying and watch for potential selling opportunities.
Daily Fibonacci pivot levels:
Resistance levels:
R1: 1.5914
R2: 1.5945
R3: 1.5995
Support levels:
S1: 1.5815
S2: 1.5784
S3: 1.5735
Trading recommendations: Be careful when buying EUR/NZD since we got absorption volume in the background. Watch for potential selling opportunities.
The material has been provided by InstaForex Company - www.instaforex.com
