Overview:
In our last analysis, EUR/NZD was trading downwards. As we expected, the price has tested the level of 1.4125 in a high volume. The short-term trend changed from bearish to neutral. I found strong reaction from buyers at the support (1.4260). I have placed Fibonacci retracement to find potential resistance levels. I got Fibonacci retracement 38.2% at the price of 1.4320 (current on the test) and Fibonacci retracement 61.8% at the price of 1.4440. According to the 4H timeframe, we got an absorption volume in the background. My advice is to watch for potential buying opportunities above the level of 1.4320 (buy the dips).
Daily Fibonacci pivot levels:
Resistance levels:
R1: 1.4338
R2: 1.4389
R3: 1.4471
Support levels:
S1: 1.4175
S2: 1.4125
S3: 1.4043
Trading recommendations: Be careful when selling at this stage and watch for potential buying opportunities after a retracement (buy the dips).
The material has been provided by InstaForex Company - www.instaforex.com
