Overview:
Since our last analysis, EUR/NZD has been trading upwards. The price tested the level of 1.5744 in a volume above average according to the daily chart. I have placed Fibonacci retracement to find potential end of a bullish corrective phase. I got Fibonacci retracement 61.8% around the price of 1.5720-1.5760. It is still unsafe to buy anything, so watch for potential selling opportunities after retracement. According to the 4H time frame, I have placed Fibonacci expansion to find the end of a bullish corrective phase and I got Fibonacci expansion 161.8% at the price of 1.5720 (currently on the test). Support level is the price of 1.5540 (swing low like support).
Daily Fibonacci pivot levels :
Resistance levels:
R1: 1.5714
R2: 1.5750
R3: 1.5806
Support levels:
S1: 1.5600
S2: 1.5565
S3: 1.5508
Trading recommendations: Be careful when buying the EUR/NZD pair and watch for selling opportunities after retracement.
The material has been provided by InstaForex Company - www.instaforex.com
