Overview:
Our last analysis, EUR/NZD has been trading upwards. As we expected, the price tested the level of 1.6441 in an ultra high volume (buying climax). Our Fibonacci expansion 161.8% at the price of 1.6300 is on the test so be very careful when buying EUR/NZD at this stage. We can observe buying climax according to the 4H time frame, so we may see potential reaction from sellers (bearish correction) before any larger bullish continuation. Anyway, to confirm futher bullish movement, the price needs to break the level of 1.6300 in a high volume and with healthy price action.
Daily Fibonacci pivot levels :
Resistance levels:
R1: 1.6148
R2: 1.6176
R3: 1.6222
Support levels:
S1: 1.6056
S2: 1.6028
S3: 1.57982
Trading recommendations: Be careful when buying the EUR/NZD pair since we may see a bearish corrective phase
The material has been provided by InstaForex Company - www.instaforex.com
