Overview:
In our last analysis, EUR/NZD was trading upward. As we expected, the price tested the level of 1.6081 in a volume below the average. Our Fibonacci retracement 61.8% at the price of 1.6060 has been held successfully, and it made price start with downward movement. I placed Fibonacci expansion to find potential support levels and got Fibonacci expansion 61.8% at the price of 1.5860. According to the 1H time frame, we can observe supply in a volume above the average. So, be careful when buying EUR/NZD at this stage since price rejected from our resistance level.
Daily Fibonacci pivot levels:
Resistance levels:
R1: 1.6074
R2: 1.6121
R3: 1.6198
Support levels:
S1: 1.5919
S2: 1.5872
S3: 1.5794
Trading recommendations: Be careful when buying the EUR/NZD pair since our resistance level is on the test.
The material has been provided by InstaForex Company - www.instaforex.com
