Overview:
In our last analysis, EUR/NZD was trading downward. As we expected, the price tested the level of 1.5983 in a very high volume. 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 1.5910. According to the 4H time frame, we can observe supply in a very hgih volume. So, be careful when buying EUR/NZD at this stage since price rejected from our resistance level.
Daily Fibonacci pivot levels:
Resistance levels:
R1: 1.6089
R2: 1.6116
R3: 1.6160
Support levels:
S1: 1.6002
S2: 1.5975
S3: 1.5932
Trading recommendations: Be careful when buying the EUR/NZD pair since we got a strong rejection from our resistance level.
The material has been provided by InstaForex Company - www.instaforex.com
