Overview:
Recently, EUR/NZD has been trading sideways around 1.4130. We face low volatility. Our Fibonacci expansion 100% at the level of 1.4035 was held successfully and the price entered a corrective phase. I have placed Fibonacci retracement to find potential resistance levels and have got Fibonacci retracement 38.2% at 1.4230 (successfully tested) and Fibonacci retracement 61.8% at 1.4350. The short-term trend is neutral. We are waiting for a clear direction, so we can take better opportunity. If the price breaks the level of 1.4235 in a high volume, we may see it testing the level of 1.4350. Anyway, if we see larger supply on the market, we may see possible re-testing of 1.4030.
Fibonacci Pivot Points :
Resistance levels:
R1: 1.4196
R2: 1.4216
R3: 1.4250
Support levels:
S1: 1.4130
S2: 1.4110
S3: 1.4080
Trading recommendations: If the price breaks the level of 1.4235 in a high volume, we may see potential testing of the level of 1.4350. Buying opportunities are preferable above the price of 1.4235.
The material has been provided by InstaForex Company - www.instaforex.com
