Overview:
Since our last analysis, EUR/NZD has been trading upwards. As we expected, the price tested the level of 1.5944 in a volume above average . I have placed Fibonacci expansion to find potential resistance levels. I got Fibonacci expansion 61.8% around the price of 1.5830 (already broken) and Fibonacci expansion 100% at the price of 1.6010. Selling at this stage looks risky, so watch for potential bearish correction and then try to build bullish positions. If the price breaks the level of 1.5900 (swing high like resistance), we may see potential testing the level of 1.6000 (Fibonacci expansion 100%). According to the 4H time frame, we can observe support at the price of 1.5825 (swing high like support). I have also placed Fibonacci retracement to find potential support levels if the price start with downward movement and I got Fibonacci retracement 38.2% at the price of 1.5790 and Fibonacci retracement 61.8% at the price of 1.5695.
Daily Fibonacci pivot levels :
Resistance levels:
R1: 1.5907
R2: 1.5939
R3: 1.5991
Support levels:
S1: 1.5803
S2: 1.5771
S3: 1.5719
Trading recommendations: Be careful when selling the EUR/NZD pair since we may see further upward movement.
The material has been provided by InstaForex Company - www.instaforex.com
