Overview:
In our last analysis EUR/NZD was trading downwards. The price has tested the level of 1.4590 in an ultra high volume (selling climax). We can observe successful rejection from our resistance level around the price of 1.4800. The short- and mid-term trends are bearish and my advice is to watch for potential selling opportunities after corrections. I found solid resistance area around the price of 1.4670-1.4700 and if we see weak demand around that area, selling will be possible. We have supports around the price of 1.4590 – 1.4520.
Daily Fibonacci pivot levels:
Resistance levels:
R1: 1.4825
R2: 1.4866
R3: 1.4934
Support levels:
S1: 1.4689
S2: 1.4648
S3: 1.4580
Trading recommendations: Be careful when buying at this stage and watch for potential selling opportunities after a retracement (after bullish correction).
The material has been provided by InstaForex Company - www.instaforex.com
