Overview:
In our last analysis, EUR/NZD was trading sideways around the price of 1.5515. We are facing very low volume on the market due to the bank holidays. Our support level around the price of 1.5650 got broken, which is a sign that we may see more downward movement. I have placed major Fibonacci expansion to find potential support level and got Fibonacci expansion 100% at the price of 1.5400. According to the H4 time frame, we can observe weak supply, which is a sign that selling EUR/NZD at this stage looks risky. My advice is to watch for potential selling opportunities after retracement with potential target around the price of 1.5400. Anyway, if we see a larger demand on the market in a very high volume, it may confirm further bullish corrective phase.
Daily Fibonacci pivot levels:
Resistance levels:
R1: 1.5600
R2: 1.5631
R3: 1.5681
Support levels:
S1: 1.5500
S2: 1.5469
S3: 1.5419
Trading recommendations: Be careful when selling the EUR/NZD pair at this stage, since we can observe supply in a low volume.
The material has been provided by InstaForex Company - www.instaforex.com
