Overview:
In our last analysis EUR/NZD was trading sideways around the price of 1.5575. We are facing low volatilty today on the market. Our Fibonacci retracement 38.2% at the price of 1.5415 got broken so we may expect testing of the level of 1.5800 (Fibonacci retracement 61.8%). According to the monthly time frame, we can observe successful rejection from our support level at the price of 1.5000. Selling EUR/NZD at this stage looks risky so my advice is to watch for potential buying opportunities after retracement (buy on the dips). According to the previous price action, I have found support level at the price of 1.5440 (swing high like support). According to the daily time frame, we can observe indecision bar in a volume below the average.
Daily Fibonacci pivot levels:
Resistance levels:
R1: 1.5643
R2: 1.5684
R3: 1.5750
Support levels:
S1: 1.5511
S2: 1.5470
S3: 1.5404
Trading recommendations: Be careful when selling since we have successful rejection from monthly support level in the background.
The material has been provided by InstaForex Company - www.instaforex.com
