Overview:
In our last analysis EUR/NZD was trading upwards. As we expected, the price tested the level of 1.5777. Our Fibonacci retracement 61.8% around the price of 1.5800 is on the test. Be careful when buying EUR/NZD at this stage. Anyway, if the price breaks the level of 1.5810 in a high volume and strong price action, we may see possible testing of the level of 1.6320. According to the 4H time frame, we can observe demand in an ultra high volume in the background (buying climax) and later on weak demand, which is a sign that buying look risky.
Daily Fibonacci pivot levels:
Resistance levels:
R1: 1.5609
R2: 1.5641
R3: 1.5693
Support levels:
S1: 1.5504
S2: 1.5472
S3: 1.5419
Trading recommendations: Be careful when buying at this stage, but watch for potential buying opportunities after retracement (buy on the dips)
The material has been provided by InstaForex Company - www.instaforex.com
