Overview:
In our last analysis EUR/NZD was trading sideways around the price of 1.5250. Our Fibonacci retracement 61.8% at the price of 1.5180 almost got tested. So my advice is to be careful when selling EUR/NZD at this stage. Anyway, if the price breaks the level of 1.5180, we may see a possible testing of the level of 1.5060. Our Fibonacci expansion 61.8% at the price of 1.5235 is held successfully. According to the 4H time frame, we can observe lack of supply around the price of 1.5225, which is a sign that selling looks risky. We got resistance level at the price of 1.5340.
Daily Fibonacci pivot levels:
Resistance levels:
R1: 1.5314
R2: 1.5337
R3: 1.5373
Support levels:
S1: 1.5242
S2: 1.5219
S3: 1.5183
Trading recommendations: Be careful when selling at this stage and watch for potential buying opportunities after retracement (buy on the dips).
The material has been provided by InstaForex Company - www.instaforex.com
