Overview:
In our last analysis, EUR/NZD was trading upward. The price tested the level of 1.6158 in a volume below the average. Our Fibonacci retracement 38.2% at the price of 1.6020 has been held successfully, and it made price start with an upward movement. I have placed Fibonacci expansion to find potential resistance level and I got Fibonacci expansion 61.8% at the price of 1.6160. According to the 4H time frame, we can observe weak demand in the background. Since we got new swing high, I have plaved Fibonacci retracement to find potential support levels and I got Fibonacci retracement 38.2% at the price of 1.6035 and Fibonacci retracement 61.8% at the price of 1.5960. So, be careful when buying EUR/NZD at this stage since price rejected from our resistance level.
Daily Fibonacci pivot levels:
Resistance levels:
R1: 1.6105
R2: 1.6139
R3: 1.6194
Support levels:
S1: 1.5955
S2: 1.5961
S3: 1.5906
Trading recommendations: Be careful when buying the EUR/NZD pair since we got a rejection from our resistance level.
The material has been provided by InstaForex Company - www.instaforex.com
