Overview:
In our last analysis EUR/NZD was trading downwards. As we expected, the price has tested the level of 1.5376 in a high volume. Our Fibonacci retracement 61.8% around the price of 1.5800 was held successfully, and it made price start with bearish movement. Be careful when buying EUR/NZD at this stage since we may see more bearish movement before any larger bullish reaction. Our Fibonacci retracement 38.2% at the price of 1.5421 is on the test. Anyway, if the price breaks the level of 1.5420 in a high volume, we may see a possible testing of the level of 1.5180 (Fibonacci retracement 61.8%).
Daily Fibonacci pivot levels:
Resistance levels:
R1: 1.5623
R2: 1.5702
R3: 1.5829
Support levels:
S1: 1.5368
S2: 1.5289
S3: 1.5161
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
