Overview:
Oour last analysis, EUR/NZD has been trading upwards. As we expected, the price tested the level of 1.6148 in an high volume. Our Fibonacci expansion 100% at the price of 1.6000 is broken so we may see more upward movements. Since the price has broken the level of 1.6010 in a higher volume, we may see potential testing the level of 1.6200 (swing high like resistance). Anyway, be careful when buying at this stage since the price is near the resistance level. My advice is to wait for retracement and then to build buying positions.
Daily Fibonacci pivot levels :
Resistance levels:
R1: 1.6112
R2: 1.6179
R3: 1.6287
Support levels:
S1: 1.5895
S2: 1.5828
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
