Overview:
In our last analysis EUR/NZD was trading upwards. The price has tested the level of 1.5327 in an ultra high volume. According to the daily time frame, we can observe strong rejection from our Fibonacci retracement 38.2% at the price of 1.5290 so buying at this stage looks risky.If the price breaks the level of 1,5290 in a high volume, we may see a potential testing of Fibonacci retracement 61.8% at the price of 1.5435. Be careful when buying and watch for potential selling opportunities after retracement.
Daily Fibonacci pivot levels:
Resistance levels:
R1: 1.5246
R3: 1.5357
Support levels:
S1: 1.5110
S2: 1.5067
S3: 1.5000
Trading recommendations: Be careful when buying the EUR/NZD pair at this stage since we have weak demand in the background.
The material has been provided by InstaForex Company - www.instaforex.com
